The launch of ETFs could open new prospects for this cryptocurrency

A new survey shows that financial advisors in the United States would like to deposit their clients' money in a crypto exchange-trade fund (ETF), suggesting that if Bitcoin ETFs were to become readily available, the spread of BTC would increase significantly.

The results come from a study titled "The Benchmark Survey 2020 of Financial Advisor Atitudes Toward Cryptoassets", compiled by the Bitwise fund operator and the ETF Trends media.

The authors argue that the advisors eagerly awaited the crypto ETFs and wrote that "The advisors would prefer to buy cryptocurrencies in an ETF package over all other options". According to the company that is attempting unsuccessfully to launch its Bitcoin ETF, these results prove consistent with last year's survey, although the percentage of advisors with a preference for an ETF has increased slightly from year to year, rising from 62 % to 65%. In addition, 37% of consultants said that "launching a Bitcoin ETF" would be a "key factor" that would make them more comfortable investing in Bitcoin. But first, they need better regulation, better custody solutions and better education. However, some characters from the crypto world have said that waiting for regulators to decide what to do with Bitcoin ETFs shows a possible lack of proactive momentum from consultants.

The results come less than a year after Bitwise's senior management said that "half of the money in the United States is managed by financial advisors", and the trust of the biggest advisors could be a key support for Bitcoin. In addition, the authors noted that some cryptocurrency concerns are gradually disappearing from public discussions. Only 6% of consultants believe that cryptocurrencies are a scam, compared to 11% last year. And 13% thought that "cryptocurrencies are in a bubble", a drop compared to the 2019 figure of 19%.

Other survey results include:

• The number of consultants who allocate cryptocurrencies to client portfolios is expected to double in 2020, from 6% to 13%.
• Motivation no. 1 to include the cryptocurrency in the portfolios continues to be that of low / unrelated returns with other assets.
• Other key attractions include potential high cryptocurrency returns, customers' request to access cryptocurrencies and a desire to acquire new business.
• Investors' interest in cryptocurrencies is not disappearing: 76% of all financial advisors say they have received questions from customers about cryptocurrencies in 2019.
• 72% of consultants believe that customers can invest in cryptocurrency on their own, outside of the consultancy relationship.
• 64% of consultants predict that the price of bitcoin will be more appreciated in the next five years, compared to 55% of consultants in last year's survey.
• 35% of consultants predict that the price of bitcoin will double by 2024.
• The fraction that predicts that the price of bitcoin will drop to zero has fallen dramatically this year, from 14% to 8%.