Just 1 per cent of financial advisers say they have often discussed cryptocurrency with their clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.

In its Australia’s Crypto Investors report, the firm identified 89 per cent of financial advisers who said they had never advised on cryptocurrency, demonstrating the scarcity of professional advice available on the topic.

“One of the most prominent reasons why advisers are not talking about cryptocurrency is due to concerns around not being covered by professional indemnity insurance (PI). Without PI cover, advisers risk heavy legal expenses if clients claim their advice led to financial loss or harm,” it said.