Digital currency expert on crypto’s wild ride: Investors using this as an ‘opportunity’
Voyager Digital CEO Steve Ehrlich says more money has been coming into his platform over the last few weeks compared to any time in its two year existence, noting there’s a little rotation ‘away from Bitcoin’ to other coins.
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."
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Thirty-four percent of advisers said their clients bought shares of GameStop as it gained popularity on social media platforms like Reddit when retail investors caused the beaten-down stock to soar earlier this year.
Bitcoin made recent headlines after Tesla CEO Elon Musk raised environmental concerns about mining the digital currency. The public debate led to a meeting including Musk and miners, where the latter committed to forming a council to accelerate sustainability efforts.
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As previously reported by FOX Business, Musk said last month that Tesla would stop accepting Bitcoin for vehicle purchases due to his environmental concerns.
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Bitcoin Miami is a multiday event that will feature speakers ranging from former congressman Ron Paul to skateboard pro Tony Hawk and Twitter chief Jack Dorsey.
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