Matt Hogan, chief investment officer at crypto and bitcoin asset manager Bitwise Investments, claims that “the most powerful people in finance” are allocating their money to bitcoin and cryptocurrencies.
Breaking News: 🇺🇸 Bitwise CTO Says ‘Most Powerful People in Finance’ Are Allocating $4.5 Billion to #Bitcoin And cryptocurrencies.
Are you paying attention? 👀 pic.twitter.com/NrRfSstkkr
— Bitcoin Magazine (@BitcoinMagazine) September 24, 2024
In a noteHogan described a poignant moment at a recent Barron’s Financial Advisors Summit, when almost every attendee said they personally owned bitcoin and cryptocurrencies when asked.
Bitwise is a leading provider of Bitcoin and cryptocurrency ETFs, managing over $4.5 billion in assets. Earlier this year, the company received regulatory approval for the first Bitcoin ETF in the United States.
Hogan said that when he asked the same question at previous advisor conferences, only 10-20% raised their hands. About 70% said they owned bitcoin and cryptocurrencies this year, which is a big change.
While fewer clients have said they’ve allocated bitcoin and cryptocurrencies to their accounts so far, Hogan expects that to happen in six to 12 months based on past trends. He called it “one of the strongest signs of the times” that top financial advisors are buying bitcoin and cryptocurrencies themselves.
Hogan believes the launch of bitcoin ETFs this year, which opened up more investors to bitcoin, was a factor in the shift, but he says that having advisors buy bitcoin in person creates familiarity and opens the way for client allocations later on.
The story reveals a huge surge in Bitcoin ownership among influential financial professionals. As these elite advisors and money managers embrace Bitcoin, this is both a testament to and likely heralds a larger wave of institutional adoption.
Comments are closed, but trackbacks and pingbacks are open.