Insights | 01.20.21
50 Percent Spike in Advisors Allocating to Cryptocurrency in 2020: Report
A survey from Bitwise Asset Management and ETF Trends revealed that the percentage of advisors who allocated cryptocurrency in client accounts increased 50 percent in 2020. However, the same survey found that less than 10 percent of advisors are reporting allocations. This means cryptocurrencies are not as widely used compared to other investment options. Still, clients are showing more interest in digital assets. Eighty-one percent of advisors said they received a question from a client last year regarding cryptocurriences. That is up from the 76 percent of advisors who said the same in 2019. According to the survey, 58 percent of the advisors who are allocating digital currencies are independent RIAs. The study authors say this is because RIAs face fewer rules regarding the types of investments they can include in client accounts.
Read the full article on InvestmentNews.