Just 39% of financial advisors believe that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF this year, according to a recent survey. This skepticism is largely due to the SEC’s historically cautious approach to cryptocurrency-related matters.
The survey, conducted by Bitwise and VettaFi, revealed a pessimistic outlook among financial advisors regarding the SEC’s decision on the spot Bitcoin ETF. On January 10, several financial institutions, including BlackRock, Inc., VanEck, and Valkyrie Investments, will learn the regulatory body’s decision on their spot ETF applications for Bitcoin.
Of the over 400 respondents, nearly half were independent registered investment advisers (RIAs). The rest comprised institutional investors, financial planners, broker-dealer reps, and other investment specialists.
Bitwise Chief Investment Officer Matt Hougan stated, “If you want to gauge where crypto is going, you need to talk to the professionals who control roughly half the wealth in America.” He noted a significant difference in expectations between those who actively monitor ETF developments and financial advisors. He also pointed out that about 90% of advisors are delaying Bitcoin investments until an ETF is released.
Hougan emphasized the potential for a surge in interest if an ETF becomes available, given the current Bitcoin market cap of $856.14 billion. He said, “There’s a massive gap in expectations between advisers and those who monitor ETF developments for a living.”
Despite Bloomberg ETF experts’ 90% acceptance probability, less than half of advisors agree. However, 88% view approval as a critical event and are holding off on buying Bitcoin until the ETF is approved. In contrast to the Matrixport report, which predicted that the SEC would reject proposals for spot Bitcoin ETFs in January 2024, the price of Bitcoin has not reacted to the Bitwise poll results and has continued to rise, increasing 3% in the past day to trade at $43,956.
Final changes were due to the SEC by December 29, 2023, and issuers who missed this deadline would not be eligible for the early January approvals.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Matt Hougan |
| Companies | Matrixport, Shutterstock, Inc., US Securities and Exchange Commission, BlackRock, Bitwise, VanEck, Valkyrie Investments, VettaFi, TradingView.com |
| Currencies | Bitcoin |
| Securities | Inc., BlackRock, VanEck, Valkyrie Investments |
