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D1b Crypto Comes to Wall Street: Who's Buying?
Key Words
cryptocurrency, financial advice, financial literacy
Short Description
This study combines practitioner and academic analysis to explore the association between seeking information from financial advisors and investing in cryptocurrency. In addition, we discuss advisor and client sentiment towards cryptocurrency. Our research uses data from the 2018 state-by-state National Financial Capability Study (NFCS) and the 2018 Investor Survey (IS). The NFCS and IS are combined to examine investor literacy, the use of a financial advisor, and which investors buy cryptocurrency. Our findings showed that investors seeking advice from financial advisors had a lower likelihood of investing in cryptocurrency, while those using stockbrokers were more likely to invest in cryptocurrency. In addition, there is an increased interest in cryptocurrency, with a small but growing number of advisors allocating cryptocurrency in client portfolios.