Daily News

Bitwise CIO Matt Hougan: ‘The Most Powerful People In Finance Are Allocating To Crypto’

Bitwise Chief Investment Officer Matt Hougan on Tuesday reported a significant shift in cryptocurrency adoption among top financial advisors, stating that “the most powerful people in finance are finally allocating to crypto.”

What Happened: This observation comes from his keynote address at the Barron’s Advisor 100 Summit, an annual gathering of the most influential financial advisors in the United States.

During his presentation, Hougan conducted an informal survey that revealed a dramatic increase in personal crypto investments among attendees.

When asked about personal ownership of Bitcoin (CRYPTO: BTC) or other crypto assets, Hougan noted, “This year, nearly every hand in the room went up. I don’t have an exact count, but I’d estimate at least 70% of the advisors in the room raised their hands.”

This marks a substantial increase from previous years, when only about 10-20% of attendees indicated personal crypto ownership.

However, Hougan observed a stark contrast between personal and professional crypto investments, stating, “When I asked the same room how many of them had allocations to Bitcoin in client accounts, very few kept their hands raised.”

Benzinga future of digital assets conference

Also Read: Caitlin Long Says ‘Progressives Are Actually Big-Bank Corporatists’ As Republican Lawmakers Urge SEC To Repeal Crypto Accounting Rule

Despite this discrepancy, Hougan remains optimistic about the future of crypto adoption in client portfolios.

Drawing from his experience, he explained, “One thing I’ve learned… is that advisors virtually always allocate first in their personal accounts. Client allocations typically follow 6 to 12 months later.”

The Bitwise CIO sees this trend as a powerful indicator of future growth in the crypto market, concluding, “When it spreads from them to their clients, things could get interesting quickly.”

What’s Next: For those interested in exploring the future of digital assets further, the upcoming Benzinga’s Future of Digital Assets event on Nov. 19 will provide additional insights into the evolving landscape of cryptocurrency and its impact on traditional finance.

Read Next:

Image created using artificial intelligence with Midjourney.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

Leave a reply

Your email address will not be published. Required fields are marked *

Next Article:

0 %