Leuthold Group manages $1 Bln but regulatory barriers prevent the firm from holding crypto assets.
“What I prefer about bitcoin is … its correlation to stocks and other assets is awfully independent,” Paulsen told Reuters.
In lieu of holding the asset itself, wealth managers are clamoring for the approval of Bitcoin ETFs that might meet the legal standards required of traditional investments, consistent with the report.
The United States SEC [Securities and Exchange Commission] has not ruled whether mutual funds can own crypto assets directly, consistent with Robert Jenkins, global head of research at Refinitiv Lipper.
The report comes as Wall Street players (and their clients) increasingly embrace Bitcoin [BTC] as an asset like gold.
BNY Mellon announced a cryptocurrency custody service last month; Goldman Sachs announced earlier this week it had been launching a crypto asset trading desk.
In line with Jimmy Lee, CEO of Wealth Consulting Group, financial advisors are frustrated by not having the ability to manage cryptocurrency for their clients. Many investors find themselves pursuing it on their own, Reuters added.