Broker says financial advisors are loading up on Bitcoin

Australia’s largest cryptocurrency brokerage service says financial advisors around the world are investing in Bitcoin, but can’t advise their clients to do the same.

Dr Prash, the CEO and Founder of Caleb and Brown, told Micky that dozens of advisors have used his service to buy hundreds of thousands of dollars worth of digital assets.

“These are wealth managers, who have their own personal cryptocurrency portfolios,” Dr Prash said.

“They see value in it … I’ve dealt with five or six of them personally already.”

International interest

Dr Prash says the majority of financial advisors contacting his staff are from overseas.

“The Australian market is still a bit behind in crypto terms,” he said.

“About 50 per cent of our clients are international – predominantly American – and the Americans are definitely a bit more ahead of the curve.”

Interestingly, while financial investors are…