Matt Hougan, Chief Investment Officer of Bitcoin and crypto asset manager Bitwise Investmentsclaims that the “most powerful people in finance” are investing their money in Bitcoin and crypto.
JUST IN: 🇺🇸 $4.5 Billion Says Bitwise CIO, “Most Powerful People in Finance” Assigns to #Bitcoin and crypto.
Are you paying attention? 👀 photo.twitter.com/NrRfSstkkr
— Bitcoin Magazine (@BitcoinMagazine) September 24, 2024
In a memoHougan described a telling moment at a recent summit of financial advisors hosted by Barron’s magazine. When asked about it, nearly everyone in attendance said they owned Bitcoin and crypto assets themselves.
Bitwise is a major Bitcoin and crypto index fund provider with over $4.5 billion in assets under management. Earlier this year, the company received regulatory approval for the first Bitcoin exchange-traded fund (ETF) in the U.S.
Hougan said that when he asked the same question at previous advisor meetings, only 10-20% raised their hands. About 70% said they owned Bitcoin and crypto this year, which is a huge change.
While fewer people said they had allocated Bitcoin and crypto to client accounts yet, Hougan expects that to happen 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 up Bitcoin access to more investors, fueled the shift. But he says that when advisors buy Bitcoin in person, it builds familiarity and opens the way to later allocations to clients.
The anecdote reveals first-hand a rise in Bitcoin ownership among influential financial professionals. As these elite advisors and wealth managers embrace Bitcoin, it both confirms and likely portends a larger wave of institutional adoption.