Financial Advisors Interviewed For a Crypto Survey
Findings of a recently conducted survey revealed that crypto is once again attracting extraordinary interest globally. The adoption of cryptocurrencies has been constantly rising.
The adoption rate for cryptocurrencies has been reaching new levels and it may continue rising in near future.
The survey was carried out by Bitwise Asset Management which is a leading crypto AUM firm.
The survey report of Bitwise is part of a chain of surveys and this particular survey is the 5th link to the chain.
According to Bitwise, it was professionally assisted by its partner namely Vettafi who helped the author in compiling results.
The survey commenced on 25th November 2022 and lasted on 6th January 2023 and, in this period, approximately 491 active financial advisors/experts were interviewed.
Amongst the experts were professionals from the fields of financial organizers, investment and financial advisors, wirehouse reps, etc., mainly from the US.
Financial Advisors Optimistic About Progressive Crypto Markets Ahead
Despite crypto markets remaining on the lower side throughout the past year, yet rapidly growing crypto interest kept financial advisors busy. They found themselves actively involved in and engaged with digital asset markets.
According to surveyed financial experts and advisors, 90% of their advice was sought from people engaged with cryptocurrencies and digital assets.
Matt Hougan, Chief Investment Officer at Bitwise commented that the findings were mind refreshing as they put crypto back into the spotlight.
Hougan is of the view that crypto investors still believe that their exposure to digital currencies allows them in availing unique opportunities.
Bitcoin’s Future in Long Term
Approximately 50% of surveyed experts were of the unanimous view that Bitcoin is destined to go bullish in the ‘not so distant future’. However, at least 63% opined that Bitcoin’s market is likely to crash, particularly in the short term.
Amongst them, 60% were those who claimed that Bitcoin’s bright future would dawn after a lapse of five year period. The trading price of the asset may start declining and continue falling to the lower levels
The survey also revealed that the majority of crypto consumers are more interested in Bitcoin rather than Ethereum.
For instance, interest in Bitcoin was estimated to be over 40% while interest in Ethereum failed to exceed 20%.
Bitwise further observed that Bitcoin continues to be the top asset amongst crypto-interested people while Ethereum remains at the number two position.
Momentum Is Building Up In Crypto
It was further revealed in the survey that 90% of the inquiries asked/sent to financial advisors were related to cryptocurrencies.
They all claimed that each of them received a high number of inquiries pertaining either to Bitcoin or Ethereum. This goes to show that compared to the cryptocurrencies, it is Bitcoin and Ether that have seen the highest adoption.
Investors have a very high interest in adopting Bitcoin and Ether, and their interest may continue to rise in the future.
Some even enquired about investing in Metaverse and NFTs, suggesting a handful of surveyed individuals.
For instance, according to Bitwise, the majority of financial advisors and experts were specifically asked for opinions with regard to crypto exposure.
Furthermore, the survey revealed that almost 60% of respondents’ clients raised questions in which advisors were asked for advice on crypto.
Crypto on Track?
However, the findings of the survey cannot be relied upon totally and may be subject to further questions.
It would still be too early to instantly become confident about cryptocurrencies. The fact is that the crypto market is trying to get back on track, which is still an undergoing process.
In the hypothetic analysis of economists and crypto experts, the crypto winter season has not ended yet. This is why experts are advising a cautious approach to those who wish to interact with digital assets in the prevailing circumstances.
Of course, Bitcoin, etc. are making gains but still, they are far behind what they started to lose after 15th November 2021.