A survey reveals that the number of U.S. financial advisors allocating to crypto in their clients’ portfolios surged significantly from 2019. The figures show that it rose 49% in 2020, from 6.3% to 9.4%.
A Vast Majority of the Advisors Also Have Personal Crypto Investments
According to the San Francisco-based asset management firm Bitwise, 58% of advisors allocating to crypto are independent Registered Investment Advisors (RIAs).
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The report says that the finding is not a surprising one. In fact, RIAs do not have restrictions on which type of investments they can include in portfolios.
The study also reveals that the vast majority of advisors with clients investing in crypto had personal investments in the sphere. According to the report:
82% of advisors reporting client allocations to crypto also reported a personal investment in the space.