“My advice to any financial adviser that intends to be in this space in three-plus years is to start immersing yourself into it. It is one asset class, so I wouldn’t suggest that you go 100 per cent into it, but you need to start understanding it, and it takes time.”

Titman continued that many fundamentals of cryptocurrency are the same as traditional finance, but many terms are different, too.

“The concepts of staking are different to what we see [in traditional finance], and the concept of rug pulls and those sorts of things are important to start understanding,” he said.

“I would suggest that advisers read widely, but to be careful that they don't get too narrow with it.”

Titman said in the past few years there has been substantial growth on Swyftx by SMSFs, reflecting the desire for people to take control of their financial future.

“I think it shows that the people with their SMSFs are starting to be proactive, that they are not sitting back passively and being happy with having investments in entirely passive areas.”

“And as cryptocurrency is a new asset class, that’s really good. We've seen growth in the last 12 months. The average balance in the SMSF accounts that sit on the Swyftx has gone up another 119 per cent in the last 12 months. With that, we're also seeing an 84 per cent increase in the number of SMSFs that have been set up since 2021.”

Cryptocurrencies are now in the top 10-20 traded assets, and SMSFs are investing in bitcoin, ether, and solana, Titman said.

“They are the three biggest [currencies] that funds are investing in. What we are seeing in terms of trends is that funds go into those first and feel comfortable in there, then they start looking at what the industry talks about as altcoins and meme coins.”

Altcoins are “a layer or two down” but add an increased risk, Titman added.

“Where you might see that bitcoin goes up somewhere around 120-150 per cent over a 12-month cycle, or even 60-70 per cent they are still very big numbers compared to traditional assets, some of the alt coins and meme coins can go up 3,000-4,000 per cent but can easily tail off very quickly.”

“What we are seeing is some people in SMSFs, and I guess it's reflective that they may be starting to semi-retire, are having more time to look at it and are trading in these altcoins and meme coins. Once they've hit the peak, they're trying to pick the top of the market and quickly pulling the money out and then putting it back into the more secure cryptos.”