Grayscale expects Bitcoin ownership to broaden as government deficits, blockchain finance, and a younger generation of investors pull more people into the asset. The firm's outlook lands as a new survey shows advisers are increasingly willing to buy crypto for clients — 42% said they could, up from 35% in 2024 and 19% in 2023.
Adviser adoption keeps climbing
The 2026 Bitwise and VettaFi adviser survey found that 32% of advisers invested clients' money in crypto in 2025, up from 22% a year earlier. Among advisers already using crypto, 64% reported client allocations above 2%, compared with 51% in the previous survey. That's a meaningful jump in a short window.
The numbers point to a slow but steady normalization. More advisers have the green light to buy, and those who do are putting more money to work.
Why the pool is widening
Grayscale points to three forces: government deficits that push investors toward hard assets, the growth of blockchain-based finance, and younger investors who grew up with crypto. Access is also expanding through adviser channels, institutional portfolio frameworks, and retirement rules that now allow a broader set of buyers to encounter Bitcoin.
It's not just retail anymore. The infrastructure for professional allocation — custody, compliance, reporting — has matured enough that advisers can treat Bitcoin like any other asset class.
The regulatory backdrop
The SEC approved spot Bitcoin exchange-traded products in January 2024, which gave advisers a familiar wrapper. This year, the SEC defined a tokenized security as a financial instrument that meets the definition of a security and is represented by a crypto asset, with ownership recorded on or through crypto networks. That clarity matters for products that blend traditional and crypto rails.
The Department of Labor proposed a rule on March 30 covering how 401(k) fiduciaries evaluate alternative assets. If it holds, retirement accounts could become a bigger channel for crypto exposure. Separately, Federal Reserve researchers said the stablecoin market expanded by about 50% in 2025, reaching $317 billion by April 6 — a sign the underlying infrastructure is growing.
The case for zero
Not everyone needs Bitcoin. Fidelity's 'Getting Off Zero' research says money managers should have a well-informed rationale for maintaining a zero allocation, but zero can suit investors whose mandates or volatility limits make Bitcoin inappropriate. That's a fair counterweight to the adoption numbers — the point isn't that everyone should own it, just that the decision should be deliberate.
The DOL's proposed rule is still in comment, and how it lands will determine how much of this demand actually reaches retirement accounts. That's the next concrete thing to watch.
