Leading financial services firm PwC conducted a study and found that most of the crypto fund managers surveyed believe that the price of bitcoin will be between $75K and $100K by the end of this year.
Bitcoin Price Predictions by Crypto Fund Managers
PWC, a big four accounting firm, published its “Fourth Annual Global Crypto Hedge Fund Report” last week. It was created in collaboration with the Alternative Investment Management Association (AIMA) and Elwood Asset Management (now part of CoinShares).
The data in the report comes from a survey conducted in April of a sample of 77 expert crypto hedge fund managers, PwC explained, adding that their total assets under management (AUM) stood at $4.1 billion in 2021.
The report includes bitcoin price predictions. “We gave crypto fund managers the opportunity to contribute their estimates of where the BTC price and overall cryptocurrency market capitalization will be as of December 31, 2022,” the Big Four accounting firm detailed.
The results show that “while the overall crypto market was quite bearish, managers were extremely optimistic on BTC,” the report noted. Noting that “the average estimate for the price of BTC is $75,000,” PwC elaborated:
Most predictions were in the $75,000 to $100,000 range (42%), with another 35% predicting a BTC price between $50,000 and $75,000 by the end of 2022.
John Garvey, Global Financial Services Leader at PwC United States, commented:
The recent collapse of Terra clearly demonstrated the potential risks in the digital asset. Volatility will remain, but the market is maturing.
“Not only is this bringing in many more crypto-focused hedge funds and higher AUMs, but also more traditional funds entering the crypto space,” he concluded.
PwC also reported that 38% of traditional hedge funds surveyed are currently investing in digital assets, compared to 21% a year ago. The firm added:
The number of specialist crypto hedge funds is now estimated to be in the top 300 globally.
Furthermore, 46% of crypto hedge funds surveyed disclosed that they are involved in cryptocurrency staking, 44% are engaged in lending, and 49% are involved in borrowing.
What do you think about crypto fund managers’ bitcoin price predictions? Let us know in the comments section below.
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