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More than half of wealth advisers in the United States surveyed by Bitwise say they’re more open to investing in cryptocurrency after Trump won the US election in November.
More than half of US-based financial advisers responding to a survey by Bitwise said they’re more inclined to invest in crypto due to Donald Trump’s United States presidential election victory.
Bitwise’s latest survey — conducted from Nov. 14 to Dec. 20 — asked 430 financial advisers about their attitudes toward crypto, with 56% indicating they are more likely to invest in crypto this year following the US election results on Nov. 5.
The crypto industry is widely anticipating Trump’s help in steering the US toward a crypto-friendly environment. Jack Mallers, founder and CEO of Strike, said it’s possible that Trump could issue an executive order on his first day in office, designating Bitcoin (BTC) as a US reserve asset.
Among those advisers already investing, almost all (99%) “plan to either maintain or increase” their crypto exposure this year. A similar percentage of advisers said clients have started asking questions about crypto over the past year.
Bitwise chief investment officer Matt Hougan said:
“Advisors are awakening to crypto’s potential like never before and allocating like never before.”Meanwhile, 71% of advisers reported that their clients were investing in crypto independently, with advisers seeing it as a chance for future growth.
“These held-away assets represent a major business opportunity for advisers seeking to help clients integrate crypto into a broader wealth plan,” Bitwise said.
Access is still a “major barrier” to crypto adoption
However, Bitwise said that access “remains a major barrier to adoption.”
“Only 35% of advisers said they are able to buy crypto in client accounts,” Bitwise said.
Bitcoin is trading at $93,240 at the time of publication. Source: CoinMarketCap
Bitcoin’s price has been experiencing volatility as of late, dropping to $92,500 on Jan. 8 after briefly surpassing the $100,000 psychological price level on Jan. 7 for the first time since Dec. 19.
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Meanwhile, Bitcoin reserves held by US-based entities continue to grow significantly compared to those held offshore.
US entities’ Bitcoin reserve share reached an all-time high as of Jan. 9, with reserves 65% greater than those held by non-US entities, CryptoQuant data revealed.
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