Financial advisors allocating crypto to clients doubles to 22% in 2024: survey
Quick Take
- According to a survey conducted by Bitwise Asset Management, the number of financial advisors who allocated crypto to their clients’ portfolios rose to 22% in 2024, up from 11% the previous year.
- Ninety-six percent of respondents, which included a host of different types of advisors like RIAs, broker-dealer representatives and financial planners, said they had a client ask about crypto last year.
As volumes for spot bitcoin ETFs soared last year, the number of financial advisors adding crypto to client portfolios doubled, according to a survey released on Thursday.
Bitwise Asset Management, which conducted the survey alongside analytics firm VettaFi, said the number of financial advisors allocating crypto to their clients rose to 22% in 2024, up from 11% the previous year. The survey also stated that 96% of the participating advisors said they had a client ask about crypto last year.
"2024 was a major inflection point for crypto. Bitcoin soared 123% to an all-time high of over $108,000, propelled by the record-setting launch of spot bitcoin ETFs in the U.S., which gathered more than $35 billion in assets," the report said. "Other major crypto assets saw huge rallies as well: Ethereum gained 45%, while Solana surged 85% on the year."
With the launch of spot bitcoin ETFs from traditional Wall Street powerhouses like BlackRock and Fidelity and President-elect Donald Trump championing bitcoin during his campaign, the spotlight on digital assets burned brighter than ever in 2024. And as Trump's incoming administration is being viewed as possibly the most crypto-friendly one to preside over the U.S. to date, many believe adoption and investment into digital assets could grow exponentially.
According to Bitwise's survey, 56% of advisors said they were more likely to invest in crypto this year due to November's election results. In addition to Trump winning the presidency, the Republicans also took control of the House and Senate. The expectation is that a more crypto-friendly Securities and Exchange Commission chair will be installed, thus easing regulatory constraints around digital assets.
Bitwise's survey results were calculated after reviewing responses from 430 financial advisors, the firm said. Bitwise is the issuer of a spot bitcoin ETF, ticker symbol BITB, which has about $4.4 billion in assets under management, according to The Block Data Dashboard.
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