Survey: 37% of financial advisors expect Bitcoin to reach $10K to $25K in 2024

  • Bitwise surveyed 395 financial advisors. 37% of the respondents believe that Bitcoin will reach $10K to $24K by 2024.
  • In opposition, 8% of respondents believe that Bitcoin will go down to $0 by 2024.

The asset management firm Bitwise has published the results of a survey on trends and attitudes of financial advisors towards cryptocurrencies. The survey involved 395 financial advisors, and among the questions they were asked to give their opinion on the performance for Bitcoin for the coming years.

The study was published under the name “ETF Trends 2020 Benchmark Survey of Financial Advisor Attitudes Toward Cryptoassets”. Among its objectives, the study set out to answer what the next decade will look like for Bitcoin. Specifically, what is the perception of financial advisors after 2019. According to the study, the selected group is of great importance to the cryptomarket because they manage almost half of all the wealth in the United States.

Trajectory for Bitcoin by 2024 according to participants

The results of the survey are revealing and indicate how much the market for cryptocurrencies has grown since the surge of Bitcoin. The data collected by Bitwise shows that the number of financial advisors placing investments in cryptocurrencies portfolios will double by 2020. Compared to previous years, the number of advisors with a share in the cryptomarket is expected to grow from 6% to 13%.

According to the study, respondents said the increase will be driven by the high return potential of cryptocurrencies (30%), the demand for access to the cryptomarket (26%) and the intention of investors to engage in new businesses (23%). In addition, the survey determined that 76% of participants received requests for information about the cryptomarket from their clients in 2019.

Perhaps the most interesting finding of the survey is related to expectations about Bitcoin’s price. 64% of the participants revealed that they expect a positive performance of Bitcoin in the next 5 years. 37% responded that the price of Bitcoin will double by 2024 and that it could range from $10K to $24K. While a small fraction of 8% responded that the cryptocurrency will fall to $0 by the same year.

Interest in Bitcoin continues to grow

The study concludes that the interest of financial advisors in Bitcoin and cryptocurrencies is significantly high. In addition, the participants of the survey reported that they suspect that there is an increased participation of their clients in the cryptomarket with respect to 2019. 34% responded that their clients are investing in the cryptomarket independently.

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At the same time, participants responded that their biggest concern when considering investing in cryptocurrencies is the current regulations. Therefore, a significant majority of 58% demanded better regulations to make a comfortable investment. 37% responded that launching an ETF would make them invest. As CNF reported, Bitwise withdrew the application of a Bitcoin ETF to the SEC, but the firm will resubmit it at a later date. These results could be an incentive for the Bitwise Asset Maanagement Firm.

The study concludes:

It will be interesting to see how the market evolves in the next 12 months. After all, the number of advisors explicitly looking to allocate to crypto is expected to double in the next year, and there are many highly anticipated industry developments on the horizon.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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