Advisor Wealth Floodgates Could Open for Bitcoin
According to James Seyffart, trillions of dollars in advisor wealth are still sitting on the sidelines when it comes to Bitcoin. This is due to wirehouse rules at firms like Morgan Stanley and JPMorgan that restrict how financial advisors can buy Bitcoin ETFs for clients.
The rules dictate that advisors must use a specific cost basis, which in this case is $82K for the Bitcoin ETF. This has been a major obstacle for advisors looking to invest their clients' money in Bitcoin, as it makes the investment less attractive due to the high cost basis.
However, Seyffart believes that if these restrictions were lifted, it could bring in big new demand for Bitcoin. He estimates that a small shift in allocation could result in trillions of dollars flowing into Bitcoin.