Bitwise CEO Sees ‘Fascinating Development’ Amid A Bearish Market
- Bitwise CEO describes a “fascination development in the market
- Number of institutional firms working with the firm is increasing at a rapid pace
The CEO of Bitwise, one of the world’s largest crypto index fund managers, Hunter Horsley, was present in an interview with Real Vision wherein he revealed a “fascinating development” happening in the crypto market despite the current bearish conditions.
In the interview, Horsley also broke down the crypto market investment trends and investment patterns that Bitwise is currently witnessing amid a sluggish and bearish market where people are losing significant money.
Bitwise is known for working with multiple self-directed high net worth individuals, thousands of public shareholders of its publicly traded products, about 1,000 independent advisory firms and dozens of institutions. Horsey adds that private banks and broker-dealers are also seeing the worst of Bitcoin (BTC) and crypto recently.
“More recently, [there’s been] a really fascinating development just in the last, I want to say nine months. There are seven private banks and broker-dealers that have put our products on their platforms for their advisors and clients to be able to get access to the space,”said Horsley.
Interestingly, Horsley also pointed out that there are a number of firm that have been approving the products offered by Bitwise to get crypto exposure. He claims that these firms “represent $2 trillion in assets and tens of thousands of advisors and millions of accounts.”
Furthermore, he also added that there is an increase in the number of firms that are currently working with Bitwise and want exposure to the crypto space. However, this is in sharp contrast with the price action of Bitcoin (BTC), the leading cryptocurrency, which is trading below $20,000 at the time of writing.
Another important observation that the CEO of Bitwise made was the surge in the percentage of advisors that aimed to allocate client money to crypto. In 2020, only 6% of investors wanted to do so but by 2021, this number went up to 9%. Horsley expects the number to surge by 70% in 2022, at 16%.
“If you play that forward you’re at 50 percent of this segment having allocated by 2024. So it still feels early because 9 percent, 16 percent. Those don’t feel like everyone I talked to. But the rate is what’s important and the rate is a wave. A wave that’s gathering steam,”Horsley added.