Financial advisers lead the institutional push toward crypto adoption
May 3, 2021. Summarized by summa-bot.
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Financial advisers are backing cryptocurrency with ever-growing convictions the bull market continues to ramp up.
In the past, there were plenty of reasons for financial advisers to dismiss Bitcoin (BTC) and other cryptocurrencies as a worthy investment, but all of that is starting to change as more institutions become attuned to the digital asset class.
Sonnenshein also noted that financial advisers are among the investors who invest in Grayscale's family of funds, whose combined assets now exceed $46 billion.
Edouard Hindi, co-founder and chief investment officer of Tyr Capital, a United Kingdom-based cryptocurrency hedge fund manager, said financial advisers have increased their allocation of digital assets, especially Bitcoin, over the last six months.
Bitcoin’s newfound legitimacy within the institutional ranks has eliminated much of the so-called “career risk” involved with investing in the digital asset market.
While institutional adoption of digital assets remains nascent, several major investors and corporations have made a big splash by acquiring Bitcoin.