On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
A survey published by Bitwise has found that nearly 10% of investment advisors have made client portfolio allocations into crypto assets.
A survey published by crypto index fund provider Bitwise Asset Management has found the number of financial advisors allocating capital toward crypto has increased by roughly 50% in one year.
The survey, conducted in partnership with investment website ETF Trends, queried nearly U.S.-based 1,000 financial advisors in December. The findings indicate that 9.4% of client portfolios were exposed to crypto assets — up from 6.3% one year ago.
Of the investment advisors who have not yet allocated to crypto, 15% stated they will “probably” invest in virtual currency during 2021, with 2% stating they will “definitely” invest in the asset class this year.
Financial planners are much more keen to invest their personal wealth in cryptocurrency, with 24% saying they have already done so.
The global economic fallout from the coronavirus pandemic appears to be the primary motivation that is driving financial planners towards crypto assets, with 54% of respondents describing “uncorrelated returns” as the principal benefit of cryptocurrency exposure.
One-quarter of survey participants described “inflation hedging” as crypto’s most-attractive utility, up from 9% the previous year. Demand from clients also appears significant, with 81% of advisers reporting that clients have queried them regarding crypto assets in 2020, up from 76% in 2019.
Despite the growth in financial advisors making allocations to crypto, Bitwise’s CIO remarked that “the survey shows it’s still early days for crypto, with less than 10% of advisors allocating today,” adding:
“At the same time, adoption and interest are growing: The survey suggests the number of advisors allocating could double or more in the year ahead.”
ETF Trends CEO Tom Lydon stated: "Financial advisors are increasingly looking for exposure to alternative assets, and interest in crypto is rising.”
The number of crypto-naysayers within the investments advisor community is also falling, with the number of respondents predicting BTC will plummet to zero dropping from 14% in 2019 to 8% last year, and then halving to just 4% this year.
Conversely, the number of advisors predicting six-figure Bitcoin prices within five years has increased from 4% to 15% in a single year.
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