See More

Journal of Financial Planning Survey Shows More Financial Advisors Support Crypto

2 mins
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • A recent survey indicated that financial advisors are recommending cryptos to clients at a much higher rate than last year.
  • The survey was conducted by The Journal of Financial Planning and The Financial Planning Association.
  • High profile advisors like Anthony Scaramucci recommend investing around 1-3% of assets into cryptocurrency.
  • promo

According to a survey conducted by the Journal of Financial Planning and Financial Planning Association (FPA), more financial advisors are recommending cryptocurrencies to their clients than ever before. 

While many financial advisors remain skeptical about the viability and future of digital assets, it does appear that opinions are softening in the industry surrounding cryptocurrency. This is according to a 2021 Trends in Investing Survey. The survey indicates that more than a quarter of financial advisors stated they plan to make more recommendations to clients about investing in digital assets over the next calendar year.

Additionally, nearly half (49%) of all surveyed, reported that clients had asked them about investing in crypto within the previous six months. 

Those numbers represent a significant uptick in interest by both advisors and their clients alike. Cryptocurrencies were only added to the survey in 2018 when a mere 1.4% of advisors stated they were recommending or would recommend them in the next 12 months.

The following two years, that number actually dropped below 1%. As far as the clients go, the number of them asking advisors about cryptos has nearly doubled since the 2020 survey. 

Another interesting addition to the survey this year was a question about their participation, if any, in the GameStop rally. While most advisors stated they did not buy into the GameStop craze, 34% said that their clients did purchase shares while 20% purchased some themselves. 

Celebrity financial experts also recommend crypto

While the financial world grapples with fully adopting cryptocurrencies, a number of high-profile members of the community have recommended investing in digital assets. While not financial advisors by trade, these individuals possess a lot of knowledge about investing and possess a lot of influence on the publics opinion. 

Co-host of Shark Tank, Kevin O’Leary who originally stated that Bitcoin was a “useless currency,” has now changed his tune. Recently, the television host and businessman, stated that he will move around 3% of his assets to cryptocurrency and believes that the public should do the same.

In March, ‘Mr. Wonderful’ tweeted, “Is bitcoin a currency? Property? An asset? Maybe all of the above, I’m going with a 3% portfolio allocation and am looking at investing in miners that can create coins under a mandate of 0 carbon so sustainably!”

Another name in the finance game who began recommending crypto is Anthony Scaramucci. The former White House Director of Communications said he advises his clients to invest between 1% and 3% into cryptocurrencies. 

Top crypto platforms in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Matthew_De_Saro.jpg
Matthew De Saro
Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.
READ FULL BIO
Sponsored
Sponsored