CandleFocus Personal Finance Advisors Caught Flat-Footed By Bitcoin Boom
2024-11-17
Author: Content Editor
Despite the increasing interest in cryptocurrencies among retail investors, most financial advisors are either unwilling or unable to handle crypto-related requests from their clients, according to several advisors and analysts. This skepticism towards crypto could become a problem for the financial advisor industry as demand from retail investors continues to grow. While some advisors have seen a significant increase in interest from clients, the majority do not recommend or discuss cryptocurrencies. Reasons for this include affiliations with large institutions that prohibit crypto discussions, complexity of the technology, and skepticism about the real-world utility of cryptocurrencies. However, some independent advisors have softened their stance and are open to recommending Bitcoin to risk-tolerant clients. These advisors expect demand for Bitcoin to rise in the long term as it gains more legitimacy.
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