While many crypto holders anxiously await the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, one group of financial experts appears to be pessimistic about this prospect. According to a survey from ETF issuer Bitwise published on Jan. 4, only 39% of U.S.-based financial advisers believe a Bitcoin ETF will be approved this year.
The findings are in.
We surveyed 437 financial advisors across the nation to gauge their views on crypto assets.
Here’s what they had to say…
— Bitwise (@BitwiseInvest) January 4, 2024
The survey asked financial advisers across the country several questions, with participants ranging from registered investment advisers (RIAs), financial planners, institutional investors and wirehouse representatives. When participants were asked to select a time period for when they expect a spot Bitcoin ETF to be approved, only 39% answered “2024.” This contrasts with some experts who expect the ETFs to be approved by Jan. 10.
Despite this pessimism, most surveyed advisers do expect a Bitcoin ETF to be approved eventually. Twenty-two percent stated that an approval would come in 2025, and 24% answered “after 2025.” Another 2% stated that the approval would come in 2023, although this prediction didn’t materialize. When added together, this implies that a full 87% believe that an ETF will be approved eventually. Twelve percent answered “never” when asked this question.
The survey also suggested that many advisers are eager to see an ETF approved, even if they don’t think it will happen soon. Some participants said they wanted to buy Bitcoin for themselves or their clients for the first time. When these particular advisers were asked if they would prefer to buy before or after an ETF is approved, 88% of them answered “after a spot bitcoin ETF is approved in the U.S.”
For years, ETF issuers have struggled to get a spot Bitcoin ETF approved by the U.S. Securities and Exchange Commission. But in June 2023, Grayscale appealed the agency’s rejection of its spot Bitcoin ETF proposal. Grayscale won its appeal in August, forcing the SEC to reconsider the application. Since then, an increasing number of experts have argued that an ETF will soon be approved. The SEC has a deadline of Jan. 10 to approve or reject the ARK 21 Shares spot Bitcoin ETF, while the deadlines for some of the other funds are in March.