While many crypto holders in the US are looking forward to the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), one group of financial experts appears pessimistic about the outlook. According to a study by ETF issuer Bitwise released on January 4, only 39% of financial advisors are based in the United States. believe Bitcoin ETFs are expected to be approved this year.
The survey results are included.
We surveyed 437 financial advisors across the country to assess their views on cryptoassets.
Here's what they had to say…
— Bitwise (@BitwiseInvest) January 4, 2024
The survey asked a number of questions to financial advisors across the country, with participants ranging from registered investment advisors (RIAs), financial planners, institutional investors, and news agency representatives. When participants were asked to select a time frame for when they expected a Spot Bitcoin ETF to be approved, only 39% said 2024. This is in contrast to some experts who expect the ETF to be approved by January 10th.
Despite this pessimism, most advisors surveyed expect Bitcoin ETFs to eventually be approved. 22% said it would be approved in 2025, and 24% said “after 2025.” A further 2% said approval would be in 2023, but this prediction did not come true. Adding these together means 87% believe the ETF will eventually be approved. To this question, 12% answered “not at all.”
The survey also suggested that many advisors are eager for the ETF to be approved, even if they don't think it will be approved soon. Some participants said they wanted to buy Bitcoin for themselves or their clients for the first time. When we asked these particular advisors whether they would like to buy the ETF pre- or post-approval, 88% said “after the Spot Bitcoin ETF is approved in the US.”
ETF issuers have struggled for years to get approval for spot Bitcoin ETFs from the U.S. Securities and Exchange Commission. However, in June 2023, Grayscale appealed the regulator's rejection of its proposal for a spot Bitcoin ETF. Grayscale won its appeal in August, forcing the SEC to reconsider its application. Since then, a growing number of experts have claimed that ETFs will soon be approved. The SEC has a Jan. 10 deadline to approve or deny the ARK 21-stock Spot Bitcoin ETF, while approval deadlines for some other funds are in March.
