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A study reveals an increase in the number of financial advisors allocating funds to cryptocurrencies

A study reveals an increase in the number of financial advisors allocating funds to cryptocurrencies

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Answer A study reveals an increase in the number of financial advisors allocating funds to cryptocurrencies

A survey conducted by “Bitwise” and the results of which were published yesterday, revealed that a number of American financial advisors are allocating more funds to buying cryptocurrencies, as the study showed that their number increased by almost 50% between 2019-20.

The Bitwise study focused on conducting a survey of nearly 1,000 financial advisors.

The study found several indicators that the financial advisory industry is becoming more interested in cryptocurrencies in 2020 compared to 2019.

Increased interest and adoption in the crypto market:

stated Mr. Matt Hogan, Chief Financial Officer of Bitwise, said:

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The survey suggests that the number of financial advisors could double in the next year.

According to Bitwise, there has been an almost 50% increase in the number of financial advisors allocating funds to cryptocurrencies.

This number increased from 6.3% to 9.4% in 2020.

Additionally, 17% of financial advisors are considering making their first targeted financial allocation to cryptocurrency this year.

Among these financial advisors, the study found, 2% have already allocated funds for cryptocurrencies this year.

While 15% would do so in the coming days, if they really did it would increase the number of financial advisors allocating funds to cryptocurrencies, bringing adoption to more than one in five financial advisors.

When asked about their primary motivation, 54% of advisors responded that they are looking to generate returns.

According to Bitwise, this result was in line with the results of a survey conducted last year.

The answer to “hedge against inflation” was also one of the most important answers with the largest percentage increase between 2020 and 2019.

Last year, the inflation hedge was highlighted by 25% of advisors, compared to just 9% in 2019.

Read:Nasdaq looking into adding bitcoin futures products

The study results also show that 81% of financial advisors were asked questions about crypto from their clients in 2020.

This is up from the 76% recorded in 2019.

Bitcoin price predictions:

Financial advisors are becoming more bullish about the price of Bitcoin.

According to the study by Bitwise, 15% of financial advisors expect the price of Bitcoin to exceed $100,000 within five years.

In 2019, only 4% of financial advisors expressed this optimism.

Additionally, the percentage of financial advisors who predicted a drop in the price of Bitcoin dropped from 8% to 4%.

Read also:

Four main factors behind the cryptocurrency loan boom

Ten DeFi Projects Expected to Airdrop their Cryptocurrency


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