US financial advisors could soon start proposing Bitcoin

Over 200,000 U.S. financial advisors could soon start recommending Bitcoin, although BTC investing wasn’t considered mainstream for many of them until last week, so let’s find out more about it in our latest Bitcoin news today.

The US SEC approved two Bitcoin futures ETFs last week and solidified the asset class among institutional investors so that they now have an exposure without technical knowledge.

Financial advisors can also recommend Bitcoin or part of a client’s portfolio with BTC. Microstrategy CEO and BTC investor Michael Saylor commented that there are more than 200,000 financial advisors in the US who manage over $ 100 trillion in assets and now they are even more likely to include BTC because they earn fees for it too.

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Last weekend, the WSJ published a new article on the optimism of financial advisors, citing a survey by Bitwise Asset Management in which 81% of financial experts said customers asked about investing in cryptocurrencies in the past year. shows that demand is increasing significantly. Flourish boss Ben Cruikshank commented that financial advisors feel the need to deliver what customers are looking for, even when they are uncomfortable.

The new service from the online brokerage’s interactive brokerage group, which allowed financial professionals to trade BTC and more last week, will be open to the asset. Acting as custodian, record keeping and more, the company works with over 5,000 advisors and $ 60 billion in client assets. The new service will allow advisors to buy cryptocurrencies for their clients and include them alongside traditional investments like bonds and stocks. You may also receive additional fees for providing these services.

Again, anyone trying to sell a new ETF that offers futures contracts but not the asset itself is advised to exercise caution. ProShares and Valkyrie buy contracts based on the current market price but don’t hold physical BTC like companies like Grayscale do. With that in mind, the ProShares fund broke some volume a week ago and was the first fund to reach $ 1 billion in assets under management in two days and generate $ 1 billion in volume on day 1. BTC price is still cooling off from last week’s ATH and is trading at around $ 62,000 at press time. Higher demand from financial advisers can be quite optimistic in the long run as institutional investors are less likely to sell in a very volatile market.

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