Bitcoin-related frowns have turned into smiles for some of United States’ top financial advisors in the digital asset sector after attending the Blockchain and Cryptoasset Pre-Event at Salt Lake City, Utah. This just as Bitcoin saw a sudden 24-hour rally that clocked just over 20% from around USD 4,100 to a high over USD 5,000.
According to surveys done before the event, it was recorded that a staggering 96% of participants held a negative view of crypto assets, including Bitcoin. Some specifics included:
- 92% said they were not comfortable explaining crypto concepts to clients.
- 84% said they didn’t own any crypto.
- 44% said that Bitcoin was a speculatory asset and not an investment.
However, the discussions during the 5-hour event resulted in a remarkable change of heart for them, as surveys completed after the event saw that 89% of participants held a more favorable view of crypto assets:
- 89% no longer believed Bitcoin was speculatory.
- 82% said they were more likely to buy crypto, with 71% raising their prediction about the future price of Bitcoin.
- 91% would either stop discouraging clients from buying crypto or recommend it for them.
Edelman Financial Services chairman Fredric Mark Edelman concluded:
“This remarkable turnaround in attitude by these top financial advisors demonstrates the urgency of teaching advisors about this important emerging asset class. Advisors who can’t answer their clients’ questions about bitcoin will lose credibility with their clients, and they may end up losing the clients.”
Over 150 US financial advisers and influencers attended the event, staged by Edelman. This was together with Barron’s Top Independent Advisor Summit. Presented by The Advisor Blockchain and Cryptoassets Council, the event offered Continuing Education Credits. Several heavyweight sponsors include Kingdom Trust, Bitwise Investments, Fidelity Digital Assets, Grayscale Investments, Pantera Capital and Van Eck.
At the time of writing, Bitcoin is trading just under a resistance level of USD 4,800. Earlier in the day, fuelled by activity in Japanese and South Korean markets, Bitcoin plowed through critical resistance levels of USD 4,200 and USD 4,400 before briefly breaching the USD 5,000 barrier.
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