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 President-elect Donald 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:
“Advisers 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.
“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 lately, 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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