Survey reveals investment advisors expect BTC to hit $17,571 by 2023

30 Jan, 2019
by Richard Allen
Bitcoin
Survey reveals investment advisors expect BTC to hit $17,571 by 2023

Investment advisors have always been hesitant about bringing up cryptocurrencies. However, a recent survey conducted by two fintech companies has revealed that an unnamed group of financial advisors are actually quite bullish on the future of Bitcoin.

Conducted by San Francisco-based crypto service provider Bitwise Asset Management, and ETF Trends, a financial media source, some financial advisors are expecting Bitcoin to skyrocket in the next few years.  The survey asked over 150 financial advisors about cryptocurrencies and their use in their client’s portfolios.

The results found that 79% of financial advisors had clients ask crypto-related questions, but just 9% are actively managing a crypto allocation in their client's portfolios. While the results suggest a lack of demand or a lack of confidence in crypto, 22% plan to either start a new crypto allocation or increase their existing allocation to cryptocurrencies in 2019.

This suggests that financial advisors are expecting Bitcoin to rise in the next few years. In fact, 55% of surveyed financial advisors expect the price of Bitcoin to appreciate over the next five years. The mean price is $17,571 by December 31, 2023.

"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," Matt Hougan said, Global Head of Research for Bitwise Asset Management. "There 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."

Read more: Is Bitcoin at $1 million really possible?; 9 Bitcoin price predictions for 2020 by crypto experts

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