Around 22% of advisers intend to start or increase crypto allocations this year, according to a survey by Bitwise Asset Management.
The study, carried out last month, polled 150 independent RIAs, independent broker-dealer representatives, financial planners and wirehouse representatives.
Of those polled, 9% were found currently having cryptocurrency allocation in client portfolios.
Further, 79% of advisers said that they received questions related to crypto from clients in 2018.
Also, 55% of advisers said that they expect Bitcoin to increase in value over the next five years.
Bitwise Asset Management Global Head of Research Matt Hougan said: “After a year in which the Bitwise 10 Large Cap Crypto Index fell 78%, the survey shows that interest in crypto investing from financial advisers not only survived, but grew.
“There are clear reasons why: Advisers tell us that they are getting inbound questions from clients, that they need ways to connect with a younger generation of clients, and that clients are investing in crypto outside of their advisory relationship anyway.”
Bitwise offers index and beta funds for the cryptoasset space. In 2017, the firm launched a cryptoasset index fund that is said to be the first of its type in the globe.
Cryptocurrency remains largely out of bounds as far as most major private banks are concerned, owing to its volatility and lack of regulation.