Matt Hougan, chief investment officer of Bitcoin and crypto asset manager Bitwise Investments, claims the "most powerful people in finance" are allocating to Bitcoin and crypto.
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— Bitcoin Magazine (@BitcoinMagazine) September 24, 2024$4.5 billion Bitwise CIO says, “the most powerful people in finance” are allocating to #Bitcoin and crypto.
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In a memo, Hougan described a telling moment at a recent financial advisor summit hosted by Barron's magazine. When asked, nearly every attendee said they owned Bitcoin and crypto assets personally.
Bitwise is a major Bitcoin and crypto index fund provider managing over $4.5 billion in assets. Earlier this year, the company secured regulatory approval for the first Bitcoin exchange-traded fund (ETF) in the U.S.
Hougan said when he asked the same question at past advisor summits, only 10-20% would raise their hands. Approximately 70% said they owned Bitcoin and crypto this year, representing a sea change.
While fewer said they had allocated Bitcoin and crypto in client accounts yet, Hougan expects that to follow within 6-12 months based on past trends. He called it "one of the most powerful signs of the times" that top financial advisors are buying Bitcoin and crypto themselves.
Hougan believes the launch of Bitcoin ETFs this year, which opened Bitcoin access to more investors, sparked the shift. But he says when advisors buy Bitcoin personally, it breeds familiarity and opens the path to later client allocations.
The anecdote reveals surging Bitcoin ownership among influential finance professionals firsthand. As these elite advisors and money managers embrace Bitcoin, it validates and likely foreshadows a larger wave of institutional adoption.
Source: Bitcoin Magazine - Bitcoin News, Articles and Expert Insights