Matt Hougan, chief investment officer of Bitcoin and crypto asset manager Bitwise Investments, says that “the most powerful people in finance” share Bitcoin and crypto.
In the memo, Hougan described a key moment at a recent conference for financial advisors hosted by Barron’s magazine. When asked, almost everyone present said they have Bitcoin and crypto assets personally.
Bitwise is a leading 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 US.
Hougan said that when he asked the same question at previous advisor conferences, only 10-20% raised their hands. About 70% said they owned Bitcoin and crypto this year, representing a sea change.
While few say they have allocated Bitcoin and crypto to client accounts yet, Hougan expects that to follow 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 that the launch of Bitcoin ETFs this year, which opened up access to Bitcoin to more investors, has caused the change. But he says that when advisers buy Bitcoin in person, it breeds familiarity and paves the way for later client distribution.
The anecdote reveals the growing ownership of Bitcoin among personally influential financial professionals. As these top advisors and money managers embrace Bitcoin, it confirms and symbolizes a larger wave of institutional adoption.