{"id":38325,"date":"2024-09-24T14:27:13","date_gmt":"2024-09-24T14:27:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitwise-cio-more-financial-advisors-are-allocating-to-crypto\/"},"modified":"2024-09-24T14:27:13","modified_gmt":"2024-09-24T14:27:13","slug":"bitwise-cio-more-financial-advisors-are-allocating-to-crypto","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitwise-cio-more-financial-advisors-are-allocating-to-crypto\/","title":{"rendered":"Bitwise CIO: More financial advisors are &#8220;allocating to crypto&#8221;"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/bitcoin-other-cryptocurrencies-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/bitcoin-other-cryptocurrencies-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/bitcoin-other-cryptocurrencies-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/05\/bitcoin-other-cryptocurrencies-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li aria-level=\"1\">Only 10% to 20% of financial advisors admitted to owning crypto in their portfolios<\/li>\n<li aria-level=\"1\">Now, roughly, 70% indicated they did<\/li>\n<li aria-level=\"1\">The approval of Bitcoin ETFs and the Fed\u2019s rate cut are bullish signals that may have changed that<\/li>\n<\/ul>\n<p>In a client memo, Bitwise\u2019s CIO said that a \u201cwave of the most powerful people in finance are finally allocating to crypto.\u201d<\/p>\n<p>Matt Hougan was reflecting on a keynote speech he\u2019d given at the Barron\u2019s Advisor 100 Summit, where the top financial advisors in the US meet, in Palm Beach, Florida.<\/p>\n<p>Despite Hougan having spoken at the event twice before, he states this was the first time he\u2019d taken to the main stage thanks to the <a href=\"https:\/\/coinjournal.net\/news\/bitwise-and-vaneck-to-donate-10-etf-profits-following-secs-spot-bitcoin-etfs-approval\/\">approval of Bitcoin exchange-traded funds<\/a> (ETFs) earlier this year.<\/p>\n<p>To better understand his audience, Hougan asked them to raise their hands if they owned Bitcoin or another crypto asset in their portfolio. At the last two events, Hougan states that around 10% to 20% of the people in the room raised their hands.<\/p>\n<p>\u201cThis year, nearly every hand in the room went up,\u201d he <a href=\"https:\/\/experts.bitwiseinvestments.com\/cio-memos\/almost-every-hand-went-up\" target=\"_blank\" rel=\"noopener\">wrote<\/a>. \u201cI don\u2019t have an exact count, but I\u2019d estimate at least 70% of the advisors in the room raised their hands.\u201d<\/p>\n<p>Following this, he asked if any of them had Bitcoin in client portfolios, with very few raising their hands. According to Hougan, this is expected as many advisors work for broker-dealers that don\u2019t \u201callow them to buy Bitcoin <a href=\"https:\/\/coinjournal.net\/search\/ETFs\">ETFs<\/a> yet.\u201d<\/p>\n<p>In Hougan\u2019s opinion, financial advisors always allocate first in their portfolios and \u201cclient allocations typically follow six to 12 months later.\u201d<\/p>\n<h2>Bullish trends<\/h2>\n<p>A change in how financial advisors view crypto can be pointed to several factors, according to Hougan.<\/p>\n<p>These include the <a href=\"https:\/\/coinjournal.net\/news\/bitcoin-btc-price-targets-63k-as-crypto-market-awakens-after-fed-rate-cut\/\">US Federal Reserve\u2019s decision to cut interest rates by 50 basis points<\/a>, <a href=\"https:\/\/coinjournal.net\/news\/morgan-stanley-allows-advisors-to-offer-bitcoin-etfs-to-clients\/\">spot Bitcoin ETFs being approved by Morgan Stanley<\/a>, and the US Securities and Exchange Commission\u2019s (SEC) options approval of Blackrock\u2019s Bitcoin ETF.<\/p>\n<p>However, despite bullish trends, Hougan argues that the \u201cshow of hands in Palm Beach was one of the most powerful signs of the times.\u201d<\/p>\n<blockquote>\n<p>\u201cA wave of the most powerful people in finance are finally allocating to crypto,\u201d he said. \u201cWhen it spreads from them to their clients, things could get interesting quickly.\u201d<\/p>\n<\/blockquote>\n<h2>Productive year<\/h2>\n<p>Hougan\u2019s memo comes after a busy year for Bitwise. Following the approval of Bitcoin ETFs, Bitwise and VanEck promised to <a href=\"https:\/\/coinjournal.net\/news\/bitwise-and-vaneck-to-donate-10-etf-profits-following-secs-spot-bitcoin-etfs-approval\/\">donate 10% of their profits<\/a> to Bitcoin\u2019s development.<\/p>\n<p>In March, the asset management company, filed an S-1 form with the SEC, <a href=\"https:\/\/coinjournal.net\/news\/bitwise-applies-for-ethereum-etf-bitbot-presale-gathers-steam-with-price-expected-to-rise-to-0-0141\/\">applying for an Ethereum ETF<\/a>, which was <a href=\"https:\/\/coinjournal.net\/news\/us-sec-approves-ethereum-etfs-grayscale-spot-ether-etfs-launch-on-nyse-arca\/\">approved in July<\/a>.<\/p>\n<p>In June, Hougan stated that <a href=\"https:\/\/coinjournal.net\/news\/bitwise-cio-says-ethereum-etps-will-attract-15b-net-flows-in-first-18-months\/\">Ethereum ETFs would attract $15 billion<\/a> in net flows in their first 18 months. With so many moving pieces this year, aiming to help advance the crypto space, it\u2019s no wonder an increasing number of financial advisors admitted to owning crypto.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitwise-cio-more-financial-advisors-are-allocating-to-crypto\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Only 10% to 20% of financial advisors admitted to owning crypto in their portfolios Now, roughly, 70% indicated they did The approval of Bitcoin ETFs and the Fed\u2019s rate cut are bullish signals that may have changed that In a client [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":38326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/38325"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=38325"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/38325\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/38326"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=38325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=38325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=38325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}