SAN FRANCISCO, Jan. 29, 2019 /PRNewswire/ -- Bitwise Asset Management, the leading provider of cryptoasset index and beta funds, and ETF Trends, a leading source in exchange-traded fund news, tips, webcasts and investing ideas, today released the findings of the inaugural Bitwise/ETF Trends Survey of Financial Advisor Attitudes Towards Cryptoassets.
The survey was conducted during the month of December 2018 and asked more than 150 financial advisors a series of questions on cryptoassets and their use in client portfolios. Survey respondents included independent registered investment advisors (RIAs), independent broker-dealer representatives, financial planners and wirehouse representatives.
Among the key findings:
- 79% of all advisors surveyed received questions from clients on crypto in 2018.
- 9% of surveyed advisors currently manage an allocation to crypto in client portfolios.
- 22% of surveyed advisors plan to either start a new allocation to crypto or increase their existing allocation to crypto in client accounts in 2019.
- 55% of surveyed advisors expect the price of bitcoin to appreciate over the next 5 years. The mean price target for December 31, 2023, is $17,571.
"After a year in which the Bitwise 10 Large Cap Crypto Index fell 78%, the survey shows that interest in crypto investing from financial advisors not only survived, but grew," said Matt Hougan, Global Head of Research for Bitwise Asset Management. "There are clear reasons why: Advisors tell us that they are getting inbound questions from clients, that they need ways to connect with a younger generation of clients, and that clients are investing in crypto outside of their advisory relationship anyway."
"Financial advisors, and particularly ETF-focused financial advisors, are always on the cutting-edge of new developments," said Tom Lydon, Founder and Editor of ETF Trends. "The survey results suggest that increasingly means having good answers and insights when it comes to crypto. We were excited to see how they are engaging with this evolving market, and to benchmark that engagement via the survey."
Bitwise Asset Management is the leading provider of index and beta funds for the cryptoasset space. The firm created the world's first cryptoasset index fund in 2017, and today manages multiple funds serving institutions, family offices, financial advisors, asset managers, and high net worth individuals. Its indexes serve as a benchmark for more than 30 leading crypto hedge funds, academics, and large financial institutions. Based in San Francisco, Bitwise's executive team combines decades of experience in traditional asset management and indexing with deep knowledge of software and technology. The team has backgrounds at firms including BlackRock, Goldman Sachs, Deutsche Bank, US Commodity Funds, IndexIQ, ETF.com, Facebook, and Wealthfront. Bitwise is backed by institutional investors and leading venture capital firms including Khosla Ventures, General Catalyst, and Blockchain Capital. It is a frequent commentator on crypto in publications like Institutional Investor, CNBC, Barron's, Bloomberg, The Wall Street Journal, and The New York Times. For more information, visit www.bitwiseinvestments.com.
ABOUT ETF TRENDS
ETF Trends is a trusted source of ETF industry news, insight and analysis to keep investors a step ahead in today's investing world. Its editorial team and seasoned contributors stay on top of the latest trends in the U.S. and abroad to educate financial advisors and self-directed investors. From new ETF launches to articles on equities, fixed income, and alternatives, ETF Trends is a wide-ranging financial publication covering every aspect of the ETF universe. With the new addition of ticker research pages to the site, traffic continues its steady rise month by month. ETF Trends publisher Tom Lydon is a frequent commentator on CNBC, Fox Business Network and Bloomberg, where he shares his expert insight on markets and trends. For more information, visit www.etftrends.com.
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SOURCE Bitwise Asset Management