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Cryptocurrency explosion has financial planners recalibrating

Bitcoin 2021 Miami, which has been described as the largest Bitcoin event in history, kicks off at a time when financial advisers say more of their clients are showing interest in digital currencies.

Around 14% of advisers are using or recommending cryptocurrencies to their clients, according to a recent survey conducted by the Journal of Financial Planning and the Financial Planning Association, which is up from 1.4% in 2018 and less than 1% in 2019 and 2020.

About half of advisers said their clients had asked about investing in cryptocurrencies in the past six months, up from 17% last year.

“It is clear from these results that we’ve reached an inflection point in the wealth management space,” Tyrone Ross, CEO of Onramp Invest, said in a statement. “Advisers are now faced with a client base that demands knowledge, access, and advice from their adviser on crypto assets.”

Source: FOXBusiness