A majority of financial advisors would invest more in crypt if a spot ETF product were available.
Demand for crypto is increasing
From a new one Nasdaq Surveywhich was held among financial advisors, found that 72% of them would invest more in cryptocurrencies if they had access to a Bitcoin spot ETF product.
Only 38% of advisers surveyed said they believe the U.S. Securities and Exchange Commission will approve a spot ETF by 2022. Nearly as many, 31%, think the SEC is unlikely to approve a spot crypto ETF product this year. The mix of excitement and doubt surrounding a spot crypto ETF has not stopped financial advisors from finding other ways to add crypto to their portfolios.
“The vast majority of advisors we surveyed plan to buy cryptos. As demand continues to rise, advisors will look for an institutional solution to the crypto demand. Crypto demand is high among their customers.” According to Jake Rapaport, Nasdaq’s head of digital asset index research.
The 500 advisors, who were surveyed last month on behalf of Nasdaq, manage $26 trillion for their clients.
Some of the advisors already invest in cryptocurrencies. None of this group plans to reduce their crypto holdings in the coming year. The vast majority, 86%, are planning to shed their crypto assets.
According to the survey, only four out of ten advisors considered investing in individual cryptocurrencies. Sixty-nine percent said they would use an index fund for broader crypto exposure.
Teucrium’s Bitcoin Futures ETF
Hopes for a possible Bitcoin ETF approval were revived last week. The SEC approved the Teucrium Bitcoin Futures Fund. Unlike the other Bitcoin futures ETFs, this one was filed under the Securities Act of 1933.
The SEC said the ‘1933 act’ wasn’t enough consumer protection when they turned down some Bitcoin futures ETFs. But now that a futures Bitcoin ETF has been approved under this 1933 act, it appears that a major obstacle has been removed.
