Leading figures in the financial sector have begun investing in cryptocurrency, setting a trend others are likely to follow. This assertion was made by Bitwise’s Chief Investment Officer (CIO), Matt Hougan.
The expert shared an illustrative experiment conducted to analyze the situation.
Each time Hougan speaks at the summit of top US financial advisors, Barron’s Advisor 100, he asks attendees to raise their hands if they own bitcoin or other crypto assets.
Two years ago, about 10-20% responded to the request, and at the last event, the figure was similar. On September 20, 2024, no less than 70% of the advisors in the room raised their hands.
“There is a very complex technical word that economists use to describe this kind of phenomenon: ‘Wow’,” noted the Bitwise CIO.
However, few raised their hands when asked how many had bitcoin in client accounts. Many work for broker-dealers who do not yet allow the purchase of bitcoin ETFs.
“But that will come. Working at Bitwise for seven years, I’ve learned one thing: advisors almost always allocate funds to their personal accounts first. Client adoption usually follows in 6-12 months,” Hougan added.
The expert noted that today, many bullish signals could be highlighted: a rate cut by the Fed, Morgan Stanley offering bitcoin ETFs to clients, or the approval of these funds’ options by the SEC, but “the hand-raising in Palm Beach is one of the strongest signs.”
Previously, Hougan stated that Ethereum has recently been criticized for negative price dynamics, but ultimately this will seem foolish.
In September, he supported the launch of meme coin ETFs.
Back in August, a top manager at Bitwise concluded that the crypto industry is “not optimistic enough.”