"68% of investment execs don\u2019t think clients should own crypto, survey finds"

" \n 68% of investment execs don\u2019t think clients should own crypto, survey finds \n \n\n \n Roughly two out of three \u201cfund selectors\u201d don\u2019t think individual investors should own cryptocurrency in their portfolios, largely for reasons related to transparency and regulation, according to a Natixis Investment Managers survey. \n \n\n \n Fund selectors at brokerage houses, financial advisory shops, private banks and other institutions analyze and choose the investments their firms offer customers. \n \n\n \n Sixty-eight percent don\u2019t think individuals should have access to crypto, according to the survey, which polled 141 U.S. investment executives at firms that manage $2.7 trillion in client assets. \n \n\n \n However, that sentiment is butting up against high demand for digital currencies like bitcoin and ethereum , especially among younger investors \u2014 40% of survey respondents say clients are increasingly asking for crypto access. \n \n\n \n More than 10% of investors own crypto, ranking the digital coins behind real estate, stocks, mutual funds and bonds, according to a\u00a0 CNBC survey published in August . Two-thirds of them bought in over the last year, largely because of how easy it\u2019s become to trade the assets. \n \n\n \n Meanwhile, crypto exchanges marketed heavily during the Super Bowl on Sunday. Proponents like Tesla and SpaceX CEO Elon Musk have also helped fuel investor enthusiasm. \n \n\n \n And financial firms continue to add ways for investors to buy into the digital frenzy. The first exchange-traded funds linked to the price of bitcoin futures\u00a0 debuted in October . \n \n\n \n Read: Lands Ministry to revoke license of community mining firms employing foreigners \n \n\n \n Crypto reluctance \n \n\n \n But investment professionals\u2019 reluctance is largely due to challenges they see relative to crypto transparency and an apparent lack of regulation, according to Dave Goodsell, executive director of the Natixis Center for Investor Insight. \n \n\n \n About 87% agreed crypto assets need to be more transparent, and 84% think they will need some type of regulatory oversight, according to the firm\u2019s survey published Tuesday. \n \n\n \n \u201cI think that makes it challenging to recommend such things if they\u2019re in a fiduciary role,\u201d Goodsell said, referencing the legal duty some firms owe their clients. \u201cI think that\u2019s where the hesitancy comes from.\u201d \n \n\n \n About 70% also conceded their firm needs more education in digital assets and cryptocurrencies before investing in them. \n \n\n \n Crypto hesitancy extends beyond fund selectors, though. \n \n\n \n Sen. Elizabeth Warren, D-Mass., said during a Senate Banking Committee hearing in July that crypto \u201cputs the [U.S. financial] system at the whims of some shadowy, faceless group of super coders and miners.\u201d \n \n\n \n However, at the same hearing, Sen. Cynthia Lummis, R-Wyo., touted the transparency and openness of open-source finance as a way to promote financial inclusion . \n \n\n \n Financial advisors generally don\u2019t recommend clients allocate more than a small part of their investment portfolio to crypto, given its volatility . Bitcoin prices have fallen to around $43,000 per coin from their recent $67,000 high in November. \n "

"68% of investment execs don\u2019t think clients should own crypto, survey finds"

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