Bitwise Investments has published the results of a survey applied to a group of financial advisors, in order to know their expectations regarding the possible approval of the Bitcoin spot ETF.
Digital asset management company Bitwise Investments highlighted that its survey results suggest that the launch of the Bitcoin ETF “could be a bigger catalyst than expected.”
Bitwise applied its annual survey on crypto assets, together with the VettaFi platform, to a group of 400 financial advisors, to find out their attitudes and expectations about the market and the possible approval of a spot ETF for Bitcoin in the United States.
This survey ranged from the advisors' current cryptocurrency allocations to the possible prices that cryptoassets such as Bitcoin could reach in the future. Additionally, this year, the companies added the Bitcoin ETF, one of the central themes in the crypto industry today.
According to the results, Less than half of financial advisors expect the SEC to approve this listed investment vehicle this year. However, the vast majority of advisors are optimistic about the impact the ETF could have, if it is approved by the regulator.
The company indicated that the vast majority of advisors surveyed see Bitcoin ETF approval as a major catalyst for the crypto market, while 88% of advisors expressed their intention to buy Bitcoin once this investment vehicle is approved.
Approval of the spot ETF would facilitate advisors' access to the market-leading cryptocurrency, which remains limited for many of them. “Only 19% of advisors said they can purchase cryptocurrency in client accounts,” the company noted.
The trend is to invest more in Bitcoin
Despite many advisors not believing the SEC will approve Bitcoin ETFs this year, and the barrier posed by uncertainty over cryptocurrency regulation and market volatility, the majority of advisors who already own cryptocurrencies, or who They have exposure to them, they plan to maintain or increase their holdings in the coming months. This, Bitwise noted, has become a trend among financial advisors, so maintain and increase your allocations in Bitcoin and other crypto assets.
On the other hand, the firm noted that customer interest in Bitcoin and cryptocurrencies remains strong, as almost 90% of financial advisors received at least one question about cryptoassets from their clients in the last year.
Likewise, more than half of the advisors indicated that their clients were investing in cryptocurrencies independently, because they see Bitcoin and other cryptocurrencies as a great opportunity.
The results compiled and synthesized in the report from Bitwise express the persistent interest and demand that exists for cryptocurrencies as investment assets.
Bitcoin demand will increase
Bitwise CIO Matt Hougan said that financial advisors' interest in Bitcoin is not discounted by the market and that the possible approval of a spot ETF will increase demand for the cryptocurrency exponentially.
Hougan recalled that 88% of financial advisors are waiting for the approval of a spot ETF to start investing in Bitcoin, which reflects the “lots of demand (that is) bubbling just below the surface”.
Although the SEC did not comment on the Bitcoin ETFs awaiting approval, there is a large gap between the expectations of financial advisors and ETF analysts on this topic. The latter estimate that there is a 90% probability that the SEC will approve several of the 13 Bitcoin exchange-traded funds proposed so far.
Eric Balchunas, an expert on exchange-traded funds at Bloomberg, said, in relation to a prediction report published by Matrixport, that There is nothing to indicate that the SEC will reject Bitcoin ETFs and that he remained very optimistic about the matter.
Continue reading: Bitcoin rises after SEC meeting that reinforces expectations of approving a spot ETF
