Several US financial advisors feel worried about regulatory uncertainty surrounding the crypto market, according to a recent study by Bitwise Asset Management.
The survey showed that more than half of the advisors need better regulations to boost their crypto investments.
A total of 415 advisors participated in the survey, and they were asked about their crypto sentiments. Finally, the study showed that advisors are optimistic on the crypto market’s future but hesitant to further expand their investments.
According to the survey, 6 percent of participants invest their customers’ money in digital assets, while 55 percent said they will avoid investing in the crypto industry this year. In addition, 7 percent said they will “definitely” or “probably” invest.
On the other hand, 38 percent said they are not sure what to do in 2020.
Matt Hougan, Bitwise’s global head of research, said, “Advisors are intrigued by crypto’s proven history of delivering uncorrelated returns or high returns.” “However, many continue to balk at investing, largely because of regulatory uncertainty and questions of access.”
The study also showed that 56 percent of participants said they are hesitant about investing in crypto assets because of their “regulatory concerns”.
“Advisors control $24 trillion in assets, dwarfing Bitcoin’s current market cap of about $160 billion,” Hougan said.