Fund managers may need to rethink their digital asset strategies, as a recent survey in the U.S. is alarming: more than one-third of young wealthy investors reported that they have withdrawn funds from advisors who do not provide cryptocurrency exposure.
A survey report released by cryptocurrency payment provider Zerohash on Wednesday showed that among 500 U.S. investors aged 18 to 40, 35% have moved funds away from advisors who do not offer cryptocurrency services.
The survey focused on individuals with incomes between $100,000 and $1 million, where more than half of the investors who moved funds due to the lack of cryptocurrency services indicated that the amounts transferred ranged from $250,000 to $1 million.
Cryptocurrency has only recently gained a very friendly policy environment in the U.S., and many wealth advisors are struggling to catch up with market demand, as younger investors generally have a higher risk tolerance compared to previous generations.
Zerohash noted that more than four-fifths of respondents stated that the adoption of cryptocurrency by major financial institutions like BlackRock, Fidelity, and Morgan Stanley has significantly boosted their confidence in this asset class.
Zerohash found that high-net-worth respondents with incomes of $500,000 and above are "leading this shift," with half having changed advisors due to the lack of cryptocurrency services.
The research also showed that 84% of respondents plan to increase their cryptocurrency holdings in the coming year, with nearly half indicating they will "significantly increase their allocation."
Zerohash's analysis suggests that these survey results clearly indicate that cryptocurrency "has become a necessary component of modern portfolio strategies," and many wealthy investors "are unwilling to wait for their private wealth managers to catch up."
They warned, "Early-adopting advisors can strengthen client loyalty and capture new growth, while those who delay action face the risk of being eliminated from the market."
They further pointed out that investors have very clear expectations, seeking "insured, compliant access to cryptocurrency services."
Zerohash recommends that, based on the survey results, the key for advisors to gain investor favor lies in providing insured custody cryptocurrency services "on the same dashboard as traditional assets."
"Investors expect more than just Bitcoin (BTC) and Ethereum (ETH)," they added. "92% of respondents believe it is very important to have access to a broader range of digital assets."
At the same time, asset management firms have begun offering exchange-traded products that provide access to various cryptocurrencies, including altcoins like Solana (SOL), Ripple (XRP), and Dogecoin (DOGE).
More innovative products have introduced staking features, a mechanism that secures the blockchain by locking tokens, thereby providing rewards to users. Industry giant BlackRock also seems ready to enter the staking market, as the company applied for a staking Ethereum exchange-traded fund in Delaware on Wednesday.
Related: Analysts: Bitcoin (BTC) at $90,000 is a "great opportunity to buy with your eyes closed"
Original article: “Survey: One-Third of Young Investors Switch Advisors Due to Cryptocurrency Access”
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