A new survey has found that financial advisors in the U.S. would be keen to put their clients’ money into cryptocurrency exchange-traded funds (ETFs) – hinting that should Bitcoin ETFs become easily available, widespread BTC adoption could follow.
he findings come from a study entitled “The 2020 Benchmark Survey of Financial Advisor Attitudes Toward Cryptoassets,” compiled by fund operator Bitwise and media outlet ETF Trends.
According to the company that is unsuccesfully trying to launch its own Bitcoin ETF, these results were consistent with last year’s survey, although the percentage of advisors with a preference for an ETF somewhat increased year over year, up from 62% to 65%.
Also, 37% of advisors stated that “the launch of a Bitcoin ETF” would be “a key factor” that would make them “more comfortable” with the idea of investing in Bitcoin. But first, they need better regulation, better custodial solutions, and better education.
However, some crypto industry players opined that waiting around for regulators to decide what to do about Bitcoin ETFs displays a possible lack of proactive impetus from advisors.
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The findings come less than a year after Bitwise’s senior management made similar claims, stating that as “half the money in the United States is managed by financial advisors,” winning advisors’ confidence could be a watershed moment for Bitcoin.
Also, the authors noted that “some legacy concerns about crypto” are “continuing to fade from view.” Only 6% of advisors believe that cryptocurrencies are a scam,” down from 11% last year. And 13% thought that “cryptocurrencies are in a bubble,” a drop from 2019’s figure of 19%.