Registered investment advisors (RIAs) are expected to be the primary drivers of a bitcoin exchange-traded fund (ETF) if it gets approved in the US, according to a report by Needham, an independent investment bank and asset management firm. Needham analyst John Todaro stated, “The main driver of a Bitcoin ETF, in our view, will be RIAs.” The report highlights that many advisors currently do not offer bitcoin to their clients, but if a bitcoin ETF becomes available, they anticipate 5%-10% of their clients to own it. The interest from advisors is also expected to increase if the price of bitcoin continues to rise, along with factors like the upcoming Bitcoin halving and the Federal Reserve indicating rate cuts in 2024. However, Todaro notes that individuals who haven’t already purchased bitcoin are unlikely to buy a bitcoin ETF.
Bitcoin ETF Expected to be Driven by Registered Investment Advisors (RIAs)
