US Financial Advisors Expect Proportion of Crypto Holding Clients to Increase by 60% – Finance Bitcoin News

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According to the findings of a new survey, the number of financial advisors currently advising crypto clients is expected to double from the current two from ten or 20% to 44% by the end of 2022.

Only Four Percent Expects the Number of Crypt Holder Clients to Decrease

A new study found that the number of financial advisors in the U.S. currently advising their clients on cryptocurrencies will double in 2022. According to the study, which surveyed U.S.-based wealth management experts, this projected increase is in the number of advisors. 44% are in tandem with their expectation that more customers (about 33%) are likely to become owners of crypto by the end. of 2022.

Study: US Financial Advisors Expect Proportion of Cryptocurrency Clients to Increase by 60%

As shown by the data this was obtained by the 153 respondents who participated in the 2022 Prediction Survey of Arizent Research, about 60% of financial advisors expect to see the number of crypto clients increase. And with only 4 percent of respondents expecting to see this number decline, the study’s findings suggest that customers ’demand for cryptocurrencies is not declining.

Other Competitive Threats

Rather, the findings show that cryptocurrencies, which are now widely covered by the financial press, “are [now] However, according to the study’s report, this increase in the popularity of cryptocurrency has added to the list of troubled banks that already include the threat posed by fintech and payment companies as well as the disputed U.S. digital currency. The study report explains:

Only four out of ten banks see an increase in their investment in traditional credit cards with loyalty and rewards in the next three years. This may be a reflection of other competitive threats to credit cards, such as digital payment alternatives such as PayPal and Venmo and Federal Reserve initiatives.

This is in addition to one of four banks that see a real possibility of a competitive threat posed by consumers banking in the US Federal Reserve initiatives “such as FedNow real-time payments, an alternative to traditional wires and ACH transfers” The possible creation of a “digital dollar” currency is also seen as another potential competitive threat.

Study: US Financial Advisors Expect Proportion of Cryptocurrency Clients to Increase by 60%

Meanwhile, the study also found that the possibility of large tech firms muscling their way into the financial services industry is a key concern for banks and insurers. As shown in the data, about “six out of ten digital insurers are concerned that these shipments are a competitive threat.”

On the other hand, nearly half of all banks, “or 47%, expect Big Tech to become a major competitor within three years.” The findings also show that regional banks are the most concerned with 64%.

What are your thoughts on this story? Tell us what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, author and writer. He has written extensively on the economic problems of some African countries and also how digital currencies can provide Africans with an escape route.














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