Wednesday, December 7, 2022

Financial Advisors Will Invest In Crypto If US Allows Spot ETFs

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Financial advisors will invest in crypto if the US only allow for a crypto spot ETF whcih they consider a driving force for the 72% of the surveyed so let’s read more in today’s latest cryptocurrency news.

Accoridng to a survey by Nasdaq, 72% of the surveyed financial advisors will be more likely to invest in crypto if the US regulators approve a spot ETF. Among those, already part of the market 86% said they will increase exposure over the next year. Last year, the US SEC approved a ProShares Bitcoin Strategy backed ETF and the product became the first of its kind in the US which generated a lot of enthusiasm in the space.

However, the US As the largest economy still lacks a sports crypto ETF and Nasdaq determined that if such a product is offered, it can brign a new wave of investors among the financial advisors and 72% of the surveyed answered they will enter the ecosystem once a spot ETF goes live. Despite the strong interest, 38% of the surveyed believe such a product that will see the light of the day. Some of the surveyed advisors already invested in the asset class and 86% of them said they will increase the allocation in the next year while no one aims to reduce them. Of the same group, 50% of them invested in BTC futures ETFs and 28% of them plan to start investing in the next year.

SEC Approved New BTC, futures, spot, bitcoin

Crypto adoption is the highest among the registered investment advisors at 34% and at the same time, 19% of the independent broker-dealers and 17% of the wirehouse advisors admitted to investing in the market. The  Head of Digital Asset Index Research Jake Rapaport said:

“The vast majority of advisors we surveyed either plan to begin allocating to crypto or increase their existing allocation to crypto. As demand continues to surge, advisors will be looking for an institutional solution to the crypto question that now dominates client conversations.”

While the main financial regulators of the USA approved the BITO Futures-backed ETF, it stopped the ambition of af ew companies to launch a spot BTC ETF like the case with VanEck. Last year, the company got closer to introducing such a product but the SEC rejected it and the government agency claimed that the Vaneck ETF was unable to address previous hurdles that were designed to rpevent manipulative acts and practices and to also protect the investors and the public interest.

NYDIG is another organization that aims to enable investors to buy or sell shares that track the prices of cryptocurrencies but the SEC delayed bringing a decision. Anthony Scaramucci’s company SkyBridge Capital also waited for a green light for a while but it was rejected.

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