FX.co ★ Bitwise CIO: Top financial advisors increasingly allocating to crypto

Business leaders often make fascinating statements, especially when it comes to cryptocurrency. According to Matt Hougan, chief investment officer at Bitwise, more and more prominent financial experts are investing in Bitcoin. "The most powerful people in finance are allocating to crypto," he said, noting a notable shift for the asset.

Hougan also shared an interesting observation from his experience. Whenever he speaks at summits for leading US financial advisors, he asks for a show of hands from those who have Bitcoin or other crypto assets in their personal portfolios. The result is always a sea of hands!

Two years ago, only about 10% to 20% of business people responded. This September, however, was a different story. Nearly 70% of the advisors who gathered for his speech raised their hands.

At the same time, far fewer left their hands raised when asked if they had BTC in their clients' accounts. The reason is that many advisors work for broker-dealers that do not currently allow purchases of Bitcoin ETFs.

However, things could change soon, Hougan noted. Drawing from his experience, he added, "One thing I’ve learned… is that advisors virtually always allocate first in their personal accounts. Client allocations typically follow 6 to 12 months later."

Hougan believes that the crypto market is currently flashing several bullish signals, driven by such factors as the Federal Reserve's rate-cutting cycle, Morgan Stanley's offering of Bitcoin ETFs to clients, and the SEC's approval of options for these funds. The expert sees the current environment as highly conducive to gains in Bitcoin and other digital assets. Moreover, he has recently expressed support for the launch of meme coin ETFs.