94% of advisors were asked about crypto by clients in 2021, up from 81% in the previous year, highlighting the great demand for crypto exposure from individual investors.
The percentage of advisors making allocations for crypto in client accounts also increased from 9% last year to 15% this year, representing a relative increase of 67%. Those numbers are a far cry from two years ago, when only 6% of advisors said they did. An additional 14% of advisors said they would “probably” or “definitely” allocate in 2022.
Coinbase’s April 2021 IPO has been significant in driving advisors’ attention to crypto equities, as an almost equal percentage of advisors indicated a willingness to allocate to crypto equities (46%) and crypto assets (45%).
And despite the US debut of bitcoin futures ETFs in October last year, 82% of US advisors indicated a preference for spot bitcoin ETFs rather than futures-based options.
According to the survey, advisors are becoming more and more bullish on cryptocurrency valuations. The findings show that more than half (53%) of the respondents believe that the bitcoin price will exceed $100,000 within five years. Only 15% of respondents to last year’s survey believed bitcoin would rise that much.