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Empire Newsletter: Crypto’s next wave of smart money
The post Empire Newsletter: Crypto’s next wave of smart money appeared on BitcoinEthereumNews.com. Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter. The age of adoption 55%. That’s how many surveyed institutional investors plan to up their crypto allocations in the next two to three years alone. The survey, conducted by EY earlier this summer, gives insight into how the institutions are approaching the crypto space. And, mind you, this was conducted before we even knew that ETH ETFs were on the table. “We may look back on 2023 as the year digital assets firmly planted roots in the challenging soil of traditional finance,” EY wrote. Fast forward to now, and Wisconsin’s pension fund now includes millions of dollars worth of bitcoin ETFs. In case you’re not ‘boots on the ground’ in Nashville, Jersey City Mayor Steven Fulop on Thursday announced that there was no question that both crypto and bitcoin were “here to stay” and that the two “won” over the doubters. Most importantly though: Jersey City’s pension fund is following in Wisconsin’s footsteps and plans to allocate a similar amount by the end of the summer (Wisconsin’s is at 2%). “I do believe blockchain is amongst the most important new technology innovations since the internet,” Fulop added. So let’s focus on the funds those pension funds are buying — and by that I mean the bitcoin ETFs. EY’s survey had 68% of respondents say they plan to buy them, and just over 60% want exposure to crypto through registered vehicles versus spot products. Source: EY-Parthenon To put these percentages in perspective: EY surveyed over 270 institutional investors. The majority were either institutional asset managers and asset managers, but there were some RIAs and hedge funds surveyed as well. “To date, while 62% of investors have allocated greater than 1% of…
The post Empire Newsletter: Crypto’s next wave of smart money appeared on BitcoinEthereumNews.com.
Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter. The age of adoption 55%. That’s how many surveyed institutional investors plan to up their crypto allocations in the next two to three years alone. The survey, conducted by EY earlier this summer, gives insight into how the institutions are approaching the crypto space. And, mind you, this was conducted before we even knew that ETH ETFs were on the table. “We may look back on 2023 as the year digital assets firmly planted roots in the challenging soil of traditional finance,” EY wrote. Fast forward to now, and Wisconsin’s pension fund now includes millions of dollars worth of bitcoin ETFs. In case you’re not ‘boots on the ground’ in Nashville, Jersey City Mayor Steven Fulop on Thursday announced that there was no question that both crypto and bitcoin were “here to stay” and that the two “won” over the doubters. Most importantly though: Jersey City’s pension fund is following in Wisconsin’s footsteps and plans to allocate a similar amount by the end of the summer (Wisconsin’s is at 2%). “I do believe blockchain is amongst the most important new technology innovations since the internet,” Fulop added. So let’s focus on the funds those pension funds are buying — and by that I mean the bitcoin ETFs. EY’s survey had 68% of respondents say they plan to buy them, and just over 60% want exposure to crypto through registered vehicles versus spot products. Source: EY-Parthenon To put these percentages in perspective: EY surveyed over 270 institutional investors. The majority were either institutional asset managers and asset managers, but there were some RIAs and hedge funds surveyed as well. “To date, while 62% of investors have allocated greater than 1% of…
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