The bear market did not prevent new players from entering the cryptocurrency industry

Hunter Horsley, CEO of the Bitwise Asset Management fund, expressed the opinion that the falling market for digital assets did not prevent new investors from entering the industry. We are talking about private banks and brokers.

According to the expert, during the next stage of the bearish trend, new types of investors appear on the market. This is, without counting the thousands of big players, a huge number of independent consulting firms and public shareholders who focus on trading in securities.

“More recently, a truly exciting development has taken place: over the past nine months, seven private banks and brokers have placed crypto products on crypto platforms so that their clients can access digital assets. They have engaged tens of thousands of financial advisors and invested $2 trillion in assets,” Horsley said.

In addition, he noted that the number of advisors specializing in digital currencies is rapidly increasing. In 2020, 6% of financial advisors said they advise clients to invest in crypto assets.

Last year, the growth of such advisors was about 9%, and today their number has already increased by 50% compared to 2021. This year, the number of financial advisors offering digital currencies to clients could increase from 16% to 70%, according to CEO of Bitwise.

“If the trend continues, then by 2024 half of all financial advisers will be involved. This is a wave. A wave that is gaining momentum,” said Horsley.

It seems that the falling crypto market does not scare investors. Some, on the contrary, find the situation that has developed over the past months favorable for new opportunities.

For example, every seventh adult resident of Saudi Arabia owns or has transacted with digital assets. KuCoin analysts came to this conclusion.

In absolute terms, this is about 3 million inhabitants of the Middle Eastern state. The experience of about 75% of crypto investors in the sector does not exceed a year.

“The Kingdom has a significant market in the MENA region with a favorable regulatory climate in the country, a large consumer base and growing interest in cryptocurrencies,” KuCoin noted.