Bitwise, a leading cryptocurrency asset manager, recently conducted a survey of 437 financial advisors across the country to understand their perspective on crypto assets.
Only 39% of advisors believe a spot Bitcoin ETF will be approved in 2024. By contrast, Bloomberg ETF analysts rate the probability of approval in January at 90%.
Despite disagreement on the timing of approval, a significant 88% of advisors interested in purchasing BTC expect the spot BTC ETF to be greenlit.
The survey also highlighted that asset access is one of the biggest barriers to crypto adoption, with only 19% of advisors saying they can purchase crypto from their client accounts.
Once advisors get into crypto, they tend to stay invested. 98% of advisors with existing crypto allocations in client accounts plan to maintain or increase their exposure in 2024.
The survey found that ETFs are advisors' most preferred way to access crypto, reinforcing the potential impact of spot Bitcoin ETF approval.
When it comes to choosing between BTC and Ethereum, 71% of advisors prefer BTC, a significant increase from 53% the previous year.
*This is not investment advice.