Major financial services firm PWC conducted a study and found that a majority of crypto fund managers surveyed believe the price of Bitcoin will be between $75,000 and $100,000 by the end of this year.
Bitcoin price estimate by crypto fund managers
PWC, a Big Four accounting firm, released its 4th Annual Global Crypto Hedge Fund Report last week. It was created in conjunction 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 among a sample of 77 specialist crypto hedge fund managers, PWC explained, adding that their total assets under management (AUM) in 2021 were US$4.1 billion. dollars fraud.
The report includes bitcoin price predictions. “We gave crypto fund managers the opportunity to contribute their estimates of where the price of BTC and the total cryptocurrency market cap would be on December 31, 2022,” the Big Four’s accounting firm explained.
The results showed that “while the overall crypto market was fairly bearish, managers remained extremely bullish on BTC,” the report describes. Noting that “the average BTC price prediction is $75,000,” PWC stated:
The majority of predictions were in the $75,000 to $100,000 range (42%), with another 35% predicting that the BTC price will be between $50,000 and $75,000 by the end of 2022.
John Garvey, Global Lead Financial Services at PWC United States, commented:
The recent collapse of Terra has vividly illustrated the potential risks of digital assets. There will still be volatility but the market is maturing.
“With that comes not only a lot more crypto-focused hedge funds and higher AUM, but also more traditional funds entering the crypto space,” he concluded.
PWC also stated that 38% of traditional hedge funds surveyed are currently investing in digital assets, compared to 21% a year ago. The company added:
The number of specialized crypto hedge funds is estimated to be over 300 worldwide.
Additionally, 46% of crypto hedge funds surveyed said they were involved in cryptocurrency staking, 44% in lending, and 49% in borrowing.
What do you think of crypto fund managers’ bitcoin price prediction? Let us know in the comment section below.
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