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Bitcoin to reach $10K to $25K by 2024

2020.06.24 [email protected]

The study was published under the name “ETF Trends 2020 Benchmark Survey of Financial Advisor Attitudes Toward Cryptoassets”. Among its objectives, the study set out to answer what the next decade will look like for Bitcoin. Specifically, what is the perception of financial advisors after 2019. According to the study, the selected group is of great importance to the cryptomarket because they manage almost half of all the wealth in the United States.

The results of the survey are revealing and indicate how much the market for cryptocurrencies has grown since the surge of Bitcoin. The data collected by Bitwise shows that the number of financial advisors placing investments in cryptocurrencies portfolios will double by 2020. Compared to previous years, the number of advisors with a share in the cryptomarket is expected to grow from 6% to 13%.

According to the study, respondents said the increase will be driven by the high return potential of cryptocurrencies (30%), the demand for access to the cryptomarket (26%) and the intention of investors to engage in new businesses (23%). In addition, the survey determined that 76% of participants received requests for information about the cryptomarket from their clients in 2019.

The study concludes that the interest of financial advisors in Bitcoin and cryptocurrencies is significantly high. In addition, the participants of the survey reported that they suspect that there is an increased participation of their clients in the cryptomarket with respect to 2019. 34% responded that their clients are investing in the cryptomarket independently. Perhaps the most interesting finding of the survey is related to expectations about Bitcoin’s price. 64% of the participants revealed that they expect a positive performance of Bitcoin in the next 5 years. 37% responded that the price of Bitcoin will double by 2024 and that it could range from $10K to $24K. While a small fraction of 8% responded that the cryptocurrency will fall to $0 by the same year.

Author : Reynaldo