Survey Reveals Financial Advisors Embrace Crypto

As volumes for spot bitcoin ETFs soared last year, the number of financial advisors adding crypto to client portfolios doubled, according to a survey released on Thursday.

Bitwise Asset Management, which conducted the survey alongside analytics firm VettaFi, reported that the percentage of financial advisors allocating crypto to their clients rose from 11% in 2023 to 22% in 2024. Furthermore, 96% of participating advisors indicated that they had a client inquire about crypto in the past year.

> “2024 was a major inflection point for crypto. Bitcoin soared 123% to an all-time high of over $108,000, driven by the record-setting launch of spot bitcoin ETFs in the U.S., which accumulated more than $35 billion in assets,” the report stated. “Other notable crypto assets also experienced significant rallies: Ethereum increased by 45%, while Solana surged 85% throughout the year.”

The launch of spot bitcoin ETFs by major Wall Street firms, including BlackRock and Fidelity, alongside President-elect Donald Trump advocating for bitcoin during his campaign, intensified focus on digital assets in 2024. Trump’s upcoming administration is seen as potentially the most crypto-friendly in U.S. history, raising hopes for exponential growth in adoption and investment in digital assets.

According to Bitwise’s survey, 56% of advisors expressed increased likelihood of investing in crypto this year due to the election results in November. In addition to Trump winning the presidency, the Republican party gained control of both the House and Senate. This change is expected to pave the way for the appointment of a more crypto-friendly chair to the Securities and Exchange Commission, thereby easing regulatory challenges related to digital assets.

Bitwise’s survey gathered feedback from 430 financial advisors. Bitwise also issues a spot bitcoin ETF, ticker symbol BITB, which currently manages approximately $4.4 billion in assets, as reported by The Block Data Dashboard.