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Although 2022 was a nightmare year, investors who heard the footsteps of the bull in 2023 are justifiably excited for 2024. We had mentioned that the first 15 days of the year would be a period of high volatility. That’s exactly what happened, as BTC price continues to fluctuate with news about spot Bitcoin ETFs. So what do 437 experts think about this year?
Crypto Currency Survey
America’s largest crypto index fund manager, Bitwise Asset Management, today shared details of their study conducted with data-driven ETF platform VettaFi. The report titled “Bitwise/VettaFi 2024 Benchmark Survey on Financial Advisors’ Attitudes Toward Crypto Assets” can help us understand the perspective of financial market experts on crypto.
The 2024 survey indicates that clients’ interest in crypto continues, while the barriers to access for advisors persist. The survey also reflects the optimism of this largely indifferent group regarding ETF approval.
Bitwise CIO Matt Hougan said;
“If you want to measure where crypto is headed, you need to talk to professionals who control roughly half of America’s wealth. The biggest takeaway for these advisors this year is that the approval of a spot Bitcoin ETF has not yet been priced in. Nearly 90% of advisors appear inclined to invest when the ETF approval comes.”
Details of the Crypto Currency Survey
The survey was conducted between October 20 and December 18, and most of the major evidence for ETF approval had not yet formed. Particularly, details such as the SEC‘s beginning to meet with exchanges, meeting with issuers more than 30 times in December, and recent AP agreements laid the foundation for the current extreme optimism.
The standout details are as follows;
- Less than half of all advisors expect a Spot Bitcoin ETF approval in 2024. While 39% of participants think approval will come, a larger crowd thinks the opposite. However, Bloomberg ETF analysts assessed the probability of approval at 90% in January.
- Most participants say that ETF approval is a significant price catalyst. Eighty-eight percent (88%) of advisors wanting to buy Bitcoin are waiting for the approval of a spot Bitcoin ETF.
- Access to crypto remains limited. Only 19% of advisors can purchase crypto from client accounts.
- Ninety-eight percent (98%) of advisors currently with crypto allocations in client accounts plan to maintain or increase this exposure in 2024.
- Large crypto allocations (more than 3% of a portfolio) more than doubled, rising from 22% of all client portfolios exposed to crypto in 2022 to 47% in 2023.
- Eighty-eight percent (88%) of advisors received a question about crypto from their clients last year.
- Fifty-nine percent (59%) of advisors said that “some” or “all” of their clients invested in crypto on their own outside of the advisory relationship.
- When asked which channel they would prefer for crypto investment in 2024, the most common answer was ETFs.
- Sixty-four percent (64%) of advisors identified regulatory uncertainty as a barrier to more crypto adoption in portfolios. Volatility was the second biggest concern (47% of participants).
- Advisors prefer Bitcoin over Ethereum. Seventy-one percent (71%) of advisors favor Bitcoin over Ethereum, a significant increase from the previous year (53%).
