Bitwise Chief Information Officer Matt Hougan noted the increased interest in personal adoption of Bitcoin and other cryptocurrencies among financial advisors. Hougan also appreciated the increased acceptance among the advisors during the Barron’s Advisor 100 Summit held in Palm Beach, Florida, from September 18 to 20.
In a report written by the Bitwise CIO, Matt addressed his approach to understanding whether his listeners were crypto newbies, skeptics, supporters, or experts. Hougan confirmed that he asked who in his audience owned Bitcoin or any other cryptocurrency by show of hands.
The Bitwise CIO confirmed that about 70% of his audience at the summit raised their hands after the question. Hougan mentioned that the number was significantly higher than his speech two years ago, which only garnered approximately 10-20% of financial advisors who had crypto in their portfolios.
The results coincide with Hougan defending financial advisors earlier this month, mentioning that they had faster adoption of Bitcoin spot ETFs than other ETFs. Hougan tweeted his response to Bianco Research’s Jim Bianco, who suggested that investment advisors’ adoption of BTC spot ETFs was small.
Hougan confirmed that this year’s address was his third opportunity to speak during the summit. Matt also owed the opportunity partly to the BTC spot ETFs earlier this year. The Bitwise executive also noted that it was his first time on the main stage during the Barron’s Advisor 100 Summit, which attracts top financial advisors in the U.S.
Hougan comments on the recent Fed interest rate cut announcement
Matt Hougan appreciated several factors contributing to a probable bullish crypto market, including the recent Federal Reserve announcement of interest rate cuts. A September 18 press release from the Fed confirmed its rate cut decision after the Federal Open Market Committee meeting.
The Fed decided on a more aggressive approach to the Fed rate cut, settling on a 50 basis point rate cut instead of the previously speculated 25 basis point rate cut. Jerome Powell, the Fed’s chair, explained the reasons behind the choice as cooling employment and the central bank’s trust that the inflation rate was approaching the expected 2%.
“We’re certainly not saying mission accomplished or anything like that, but we are encouraged by the progress we have made.”
Crypto and crypto-related stock prices spiked after the news, with coins like BTC gaining over 4% and crossing over $62,000. Stocks like Coinbase’s COIN, Microstrategy’s MSTR, and Marathon Digital’s MARA also significantly gained momentum after the announcement.
Bitwise’s CIO comments on Bitcoin ETFs
Hougan appreciated the progress Bitcoin ETFs were making in the crypto industry. As part of the signals for possibBitwisele bullish momentum for the crypto markets, Hougan mentioned the recent options trading for Bitcoin ETFs by the U.S. SEC. The Bitwise CIO also noted the recent plans for the investment company Morgan Stanley to offer some of its clients BTC ETFs.
Matt still noted the lack of BTC and crypto allocation to client accounts among the financial advisors attending the event. The Bitwise CIO mentioned that most of the advisors at the summit possibly worked for broker-dealers that do not yet allow them to participate in the BTC ETF markets.
However, Hougan expected that the dynamics would change with time, highlighting that the financial advisors would virtually be the first to allocate the investments to their accounts. Later, clients would get the opportunity to participate in investments approximately in 6 to 12 months.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed