Bitcoin Investment: Survey Suggests Financial Advisors Believe in BTC

Updated:

A recent study by Nasdaq shows that a significant proportion of financial advisors will increase their Bitcoin (BTC) investment and other crypto assets if the US Securities and Exchange Commission approves a spot Bitcoin ETF (exchange-traded fund).

According to a press release sent by Nasdaq to Bitcoin Magazine, the study, which surveyed 500 financial advisors, revealed that 72% would increase their investment in BTC derivatives.

The study also suggested that about 9% of financial advisors of the surveyed 500 believed in their ability to deliver expert-level guidance to their clients on crypto investments. Notably, all the subjects indicated that they had already invested in Bitcoin or were about to.

The study by Nasdaq highlighted the significant educational gap regarding the cryptocurrency industry by most financial advisors, indicating that there was still a lot to learn about the novel blockchain-based monetary system.

Head of Digital Asset Index at Nasdaq Jake Rapaport commented on the study, noting that “over the last decade, financial advisors have been focused on shifting assets into index funds.” Rapaport added: “As they incorporate digital assets into their investment strategies, they are expressing strong interest in a similar vehicle that can offer broad asset class exposure for their clients.”

Key Bitcoin Levels to Watch — April 14

Bitcoin regained some upward momentum on Wednesday following a debilitating crash to the lower-$39,000 axis. The benchmark cryptocurrency now fights to hold the $41,000 support line amid a downbeat trading volume on Thursday.

Studio Project 54
BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

That said, analysts believe that the previous bearish bias has now run its course and additional declines below $40,700 in the near term seem unlikely. Regardless, BTC needs to fight to keep itself above the $40,000 pivot point. Until the price returns above the $43,000 barrier, bears still have a window to pull a fast one to $38,000.

Meanwhile, my resistance levels are at $42,000, $43,000, and $44,000, and my key support levels are at $40,000, $39,000, and $38,000.

Total Market Capitalization: $1.90 trillion

Bitcoin Market Capitalization: $779.5 billion

Bitcoin Dominance: 40.9%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.