Weekly News Roundup 9.27.2021
Top stories from last week include: Surveys from various sources discussing the adoption of crypto investing. Also, China bans crypto transactions.
This week's top stories
Fidelity Survey: 52% of Institutional Investors Hold Bitcoin, Cryptocurrency
Fidelity's study found an increased appetite for bitcoin exposure across institutional investors but still lacking understanding. Fidelity Digital Assets published the 2021 Institutional Investor Digital Assets Study that tracked institutional investor's behavior in the face of the delicate situation traditional markets endured for the past year. However, the study found that those market conditions were actually a catalyst for many investors to jump into Bitcoin and other cryptocurrencies, increasing the likelihood of investing in such assets for 44% of investors. The study also found that European investors showed a more progressive view towards bitcoin than Americans across all the study's categories, similar to last year's survey. However, Asian investors were the ones to show the most significant inclination towards investing in bitcoin and cryptocurrency, with 70% of those surveyed saying they were currently holders of these assets. This year was the first time that Asian investors were part of the survey. Read More
Crypto Asset-Management Market Will Exceed $9B by 2030: Study
The cryptocurrency asset-management market will grow to $9.4 billion by 2030, according to a new report from Allied Market Research. It was $670 million in 2020.
- The increase projected by the report equates to a compound annual growth rate of 30% from 2021 to 2030.
Allied Market Research sees the COVID-19 pandemic as a driving force behind the adoption of cloud-based crypto asset management by banks and other institutions.
- Increased digitization of financial services, surging investments in crypto and access to easier ways of purchasing crypto assets will fuel growth throughout the remainder of the decade, Allied said.
- The crypto asset-management market is dominated by North America, and that is forecast to remain the case through 2030. However, Allied sees the Asia-Pacific region experiencing significant growth due to the presence of large numbers of crypto mining enterprises that are likely to turn to crypto asset-management solutions to help manage their business processes. Read More
How Traditional Hedge Funds Are Coping With Cryptocurrencies
Based on a recent study, traditional hedge funds have started to dip their toe into the water of cryptocurrencies. However, they're keeping their investments small for the time being despite the crypto surge that's been sweeping the market. PricewaterhouseCoopers partnered with the Alternative Investment Management Association and Elwood Asset Management to survey traditional hedge funds on what they plan to do about cryptocurrencies. Read More
Opinion: Crypto for Advisors: Your Clients May Already Own Crypto. Here’s How to Hold It
How do we advise clients on an asset we can’t (yet) handle directly? Clients are already asking about investing in cryptocurrencies, but within the next tax year, they’ll almost certainly be asking about what to do with the digital tokens they already have. That’s because billions of dollars in new wealth have been created since bitcoin (BTC, 1.39%) roared into the marketplace. And to handle this influx, our industry will have to speak the language of cryptocurrency – specifically, how crypto enthusiasts hold and store their digital wealth.
Products and services to help advisors handle crypto on behalf of clients are only just emerging.
Even so, most serious cryptocurrency investors want to hold tokens directly.
Advisors should understand how hot wallets and cold storage work for their crypto investor clients. Read More
In other news
China's top regulators ban crypto trading and mining
What are the top coins?
Emerging economies dominate Chainanalysis' 2021 Global Crypto Adoption Index
Music platform Audius gets some musical investors
A viral conversation starts over a "We hire old people" post
How does Ethereum staking work?
Five questions about crypto's regulatory environment
Inside Coinbase's game plan: One-stop-shop
Snoop Dogg invests in Ethereum NFTs