Investment advisors, which often sweat under the spotlight of their clientele, have long been hesitant to name-drop Bitcoin (BTC) and cryptocurrencies, much less give their predictions on the asset class. Yet, in a recent survey conducted by two fintech companies, an unnamed group of advisors commented on BTC, while also conveying a not so cheeky price forecast.<\/p>\n
Per a survey conducted by Bitcoin ETF hopeful Bitwise Asset Management, a San Francisco-headquartered crypto services provider, and ETF Trends<\/em>, a financial media source, advisors expect for the value of the flagship cryptocurrency to boom in the coming years. The December poll’s results, unveiled in a company press release<\/a>, was aimed at 150 financial advisors, which subsets of financial planners, advisors, and broker-dealers. The respondents were queried about crypto assets and their role in their client’s portfolios en-masse.<\/p>\n While it was established that cryptocurrencies had become a near-ubiquitous talking point between advisors and their clients, a mere 9% of those polled are actively managing a crypto position in their clients’ portfolios.\u00a0Yet, in spite of the seeming lack of demand and\/or belief in BTC, a number of those surveyed were bullish on the cryptocurrency. 22% of the 150 noted that they plan to either commence investing their clients’ capital into cryptocurrencies or to bolster their already-existing holdings.<\/p>\n This willingness to foray is likely due to these advisors’ belief that the value of Bitcoin will swell in the years to come. In fact, 55% of those surveyed that believed that BTC would appreciate in value in the next five years, with predictions averaging out to $17,570. Although this is still below Bitcoin’s all-time high, the fact that bonafide investment advisors, and a hefty number at that, believe that the cryptocurrency market will grow is reassuring.<\/p>\n Matt Hougan, Bitwise’s global head of research, commented on the stats in a positive light, writing:<\/p>\n “After a year in which the Bitwise 10 Large Cap Crypto Index fell 78%, the survey shows that interest in crypto investing from financial advisors not only survived, but grew…\u00a0There are clear reasons why: Advisors tell us that they are getting inbound questions from clients, that they need ways to connect with a younger generation of clients, and that clients are investing in crypto outside of their advisory relationship anyway.”<\/p><\/blockquote>\n As previously reported by NewsBTC<\/em><\/a>, the same group of advisors also show\u00a0amiability towards BTC-backed exchange-traded funds. The mass of respondents, a hefty 58%, divulged that they would prefer to invest in cryptocurrency via an ETF, with 35% noting that the launch of such a vehicle would catalyze their foray into this nascent market.<\/p>\n It is clear that investors haven’t counted cryptocurrencies out just yet, even with the crushing downturn that stabbed a hole in traders’ hearts.<\/p>\n And advisors aren’t alone in the touting of their optimistic calls. While BTC has stumbled over recent days, posting a\u00a0harrowing performance<\/a>, analysts, who have begun to step back from day-to-day price action, have begun to claim that the bottom is nearing, if it isn’t already in.<\/p>\n As hinted at in a previous report<\/a>, the current bear market is nearing the length of 2013-2015’s, leading many hopeful analysts to claim that a bottom is likely nearing. Jonny Moe recently noted that by Thursday, the current bear market will be just as long as the previous 80+% drawdown, and 2% shy of just as severe. While this wasn’t an explicit call that this nascent, often unpredictable market is establishing a price floor, many commenters quickly noted that this “fun fact” was the epitome of so-called “hopium.”<\/p>\n Fun fact: Thursday marks the same length of time as the 2013-2015 bear market. <\/p>\n We're 2% off from the same depth. $BTC<\/a> pic.twitter.com\/xCD7gHcwyN<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) January 30, 2019<\/a><\/p><\/blockquote>\nRelated Reading:\u00a0Bitcoin Rally To Be Preceded By More \u201cCrypto Is Dead,\u201d Layoffs, Regulation, Says Investor<\/a><\/em><\/h6>\n
Crypto Traders Also Optimistic<\/strong><\/h2>\n
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