A survey conducted by global market research company CoreData found 7 in 10 advisors believe there will be more cryptocurrency failures in 2023 than last year and more than a quarter (26%) expect to see the asset class collapse on a greater scale than was caused by FTX and Sam Bankman-Fried in November 2022.
“These findings show advisors are approaching cryptocurrencies with the utmost caution in the wake of the collapse of the FTX exchange and amid expectations of further failures,” CoreData founder and principal Andrew Inwood said in a statement.
The study polled 250 advisors in February: 84 wirehouse advisors, 126 independent broker/dealers and 40 registered investment advisors.
Advisors at the wirehouses expressed more pessimism regarding the potential for a larger crash in 2023—one-third of wirehouse respondents believe it will occur, compared with just 18% of RIAs.
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