Bitwise Forecasts Double Surge of Financial Advisors in Crypto Market
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28 October
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Bitwise Asset Management, a crypto-focused index fund, expects the number of financial advisors, who are willing to enter the crypto market, to double this year, from 6% to 13%.

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Matt Hougan, Bitwise's Chief Investment Officer, says that PayPal's decision to accept crypto rapidly swept aside all the challenges imposed on professional investors.

"PayPal's decision to embrace crypto last week was groundbreaking. Meanwhile, the potential impact crypto can have on portfolios from a risk-adjusted basis, amid the current macro backdrop, is making it hard to ignore," Hougan added.

Bitwise's Chief Executive Officer, Hunter Horsley, sees "the greatest demand" from multifamily offices, financial advisors and hedge funds:

"The recent entrance of firms like PayPal, Square, Fidelity, CME, Nomura, Facebook, and others has convinced many who were previously cautious that it is time to reevaluate."

In January 2020, Bitwise withdrew its Bitcoin ETF application. The company told the US Securities and Exchange Commission (SEC) it had made the decision in order to be "consistent with the public interest and protection of investors."

SEC to Reconsider Bitwise's Bitcoin ETF Application

However, Hougan noted the company is "working hard" to answer the questions the SEC asked in the 112-page response to its application and remains "fully committed to the development of a Bitcoin ETF."

As iHodl previously reported, cryptocurrency manager Grayscale Investments sees bitcoin to be gaining "acceptance among the investing public" asover half of US investors have already demonstrated their interest in investing in BTC.

The main reason for adoption, according to Grayscale, is the digital young generation which is more in favor of investments in digital currencies than the elder one.

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