Bitwise Asset Management and ETF Trends in December 2018 carried out a survey, “Bitwise/ETF Trends Survey of Financial Advisor Attitudes Towards Cryptoassets”. As its name implies, the study was conducted for 150 financial advisors, and 55% of respondents said they expect bitcoin’s price to reach $17,571 by 2023.
Survey to Determine the Attitude of Advisors to Cryptocurrency
According to a media outlet’s report on January 29, Bitwise and ETF recently conducted a study to ascertain the attitude of financial advisors when it comes to cryptocurrencies. The 150 respondents of the survey included independent broker-dealer representatives and independent registered investment advisors.
Based on the duo’s finding, 55 percent of surveyees revealed that they expect bitcoin’s price to appreciate over the next five years. They also added that the mean price target for this virtual currency is $17,571 by December 2023.
Financial Advisors Admit That Clients Ask Crypto-Related Questions
Asides from the prediction of bitcoin’s price, 79 percent of financial advisors admitted that their clients had asked them questions related to cryptocurrency in 2018. Nine percent said they are currently managing their client’s portfolio which holds virtual currencies. Finally, 22 percent stated that they have plans to create an allocation to cryptocurrency or increase their existing one.
According to Matt Hougan, Global Head of Research for Bitwise:
The survey shows that interest in crypto investing from financial advisors not only survived, but grew
Hougan also added that there are clear reasons why these advisors have revealed the dealings with their clients to them. He pointed out that through the survey, they were informed that clients have asked questions related to cryptocurrency and are also investing in these digital currencies.
Other Experts Predict Bitcoin’s Price
While respondents may have predicted that the digital asset will take a positive turn in its price a few years from now, crypto enthusiasts may have something higher in mind. BTCNN reported an instance of this on January 29, where Tom Lee, Fundstrat Global Advisors founder said bitcoin is resilient and will still get to $25,000. However, all it needs is time.
On January 7, BTCNN also informed of Weiss Rating report which states that bitcoin will record a new all-time high in its price. In their opinion, the virtual currency has the habit of falling 70 percent in its price and then rising 6300 percent in the next subsequent months. The platform has also forecasted that bitcoin will remain a store of value since it has some characteristics that cannot be found in other assets.