In the midst of widespread anticipation surrounding the potential approval of a Bitcoin spot exchange-traded fund (ETF), numerous financial advisors in the United States, showing a keen interest in BTC, have adopted a cautious stance within the crypto market. As per the findings of the sixth annual “Bitwise/VettaFi 2024 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets,” it has been disclosed that 88% of these advisors have expressed their intention to venture into BTC investments. However, this interest comes with a caveat—these financial experts are poised to make their move only after the approval of spot Bitcoin ETFs.
Bitcoin Spot ETF Excitement Builds
Despite the escalating enthusiasm among clients for cryptocurrencies, a substantial proportion of financial advisors remain circumspect. The survey indicates that merely 39% of advisors anticipate the approval of a spot Bitcoin ETF in the year 2024. This stands in stark contrast to the optimistic outlook of ETF analysts, who project a 90% likelihood of approval in January. Analysts like James Seyffart foresee Bitcoin ETF approvals materializing between January 8-10.
The potential approval of a spot Bitcoin ETF is widely perceived as a pivotal catalyst that could trigger a surge in crypto adoption within client portfolios. During a recent segment of “Good Morning Crypto” on Fox Business, correspondent Eleanor Terrett underscored that ETF approval would provide reassurance to those who previously viewed Bitcoin solely as a “speculative asset.”
The survey also shed light on the limited access financial advisors have to the crypto realm, with a mere 19% reporting the capability to purchase crypto in client accounts. Nevertheless, once committed, advisors demonstrate a high level of dedication, as evidenced by 98% of those presently allocating funds to crypto expressing their intent to either maintain or increase their exposure throughout 2024. This signifies a steadfast commitment to the evolving landscape of digital assets within the broader financial advisory community.