It’s not difficult to see how most financial advisors view Bitcoin (BTC). A quick perusal of headlines will show that the financial world is generally averse to cryptocurrencies — a situation not helped by recent hacking news.

However, according to a recent report from an education and training meeting at Barron’s Top Independent Advisor Summit, there may be a way to turn the tide. Investors who attended the meeting about cryptocurrencies left far more willing to consider Bitcoin as a viable investment than when they entered.

The event was sponsored by the Advisor Blockchain and Cryptoassets Council, which includes a host of big names in the cryptocurrency community. These include Bitwise Investments, Grayscale Investments, Pantera Capital, and VanEck (of recent ETF fame).

The goal of the meeting was to explain cryptoassets to some of the top financial advisors in the United States. At the beginning of the meeting, more than 95 percent said they did not advise their clients to invest in cryptocurrencies.

However, prior to the meeting, the group also indicated that their hesitancy was based, at least in part, on a lack of knowledge. For example, more than 90 percent said they were unable to explain cryptoassets to their clients and 80 percent said they knew little-to-nothing about blockchain technology.

Bearish On Bitcoin, No Longer!

Nearly all of the participants indicated that their clients are asking about Bitcoin (BTC) and other digital investments. This pressure to understand cryptocurrencies led them to pursue an education in cryptocurrencies through the event.

After just a half day of explanation and education, the group’s perspective changed. In fact, nearly 90 percent of those responding after the event indicated that they no longer believe Bitcoin is speculative, and that they have a more favorable view of cryptoassets. According to one event organizer, Ric Edelman:

This remarkable turnaround in attitude by these top financial advisors demonstrates the urgency of teaching advisors about this important emerging asset class. Advisors who can’t answer their clients’ questions about bitcoin will lose credibility with their clients, and they may end up losing the clients.

Bitcoin’s Investment Future Brightens

Of course, this meeting was just a small group of financial advisors. However, the shift that education can bring is remarkable. As advisors and institutional investors begin to understand the power of digital assets like Bitcoin, adoption is highly likely to increase.

As education increases, so too does adoption — often referred to as a virtuous Satoshi cycle. This will ultimately lead to price increases. In fact, of the participants in the recent event, more than 70 percent raised their price prediction on Bitcoin immediately after the meeting.

Think education will only make Bitcoin more attractive among financial advisors, or are institutions fixed against cryptocurrencies? Let us know in the comments below!

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