Only 39% of Financial Experts Anticipate The Approval of a Bitcoin ETF in 2024

A recent study involving U.S. financial advisers suggests that the majority don't anticipate the green light for a Bitcoin ETF until at least 2025.

Source: coingape.com

While a significant portion of the cryptocurrency community eagerly awaits the approval of a Bitcoin exchange-traded fund (ETF) in the U.S., a survey by ETF provider Bitwise indicates a more cautious stance among financial professionals. Released on January 4, the survey found that just 39% of financial advisers in the U.S. expect a Bitcoin ETF to get the regulatory nod this year. The survey, which polled a diverse group of financial advisers including registered investment advisers (RIAs), financial planners, institutional investors, and representatives from wirehouses, posed questions about the potential timing of a Bitcoin ETF approval. Interestingly, only a minority (39%) believed that such approval would happen in 2024, contrasting with some industry forecasts anticipating approval by January 10.

Despite the prevailing skepticism, the survey revealed that the vast majority of advisers still foresee an eventual green light for a Bitcoin ETF. Specifically, 22% predicted approval in 2025, while another 24% foresaw it happening after 2025. A smaller fraction (2%) even anticipated approval in 2023, a forecast that did not materialize. Collectively, these responses indicate that 87% of the surveyed advisers believe a Bitcoin ETF will be approved at some point, though 12% remain doubtful, answering never.

Additionally, the survey shed light on the sentiment among advisers who are keen to invest in Bitcoin, either for themselves or their clients. When this subset was queried about their preference for investing before or after a Bitcoin ETF approval, a decisive 88% opted for after the approval of a Bitcoin ETF in the U.S.

The quest for a Bitcoin ETF has been a long and challenging one for issuers, given the stringent regulatory landscape overseen by the U.S. Securities and Exchange Commission (SEC). However, a significant development occurred in June 2023 when Grayscale successfully appealed the SEC's rejection of its Bitcoin ETF proposal. Following this victory in August, the SEC was compelled to reevaluate the application. With the SEC facing a January 10 deadline to approve or deny the ARK 21 Shares Bitcoin ETF, and other deadlines looming in March for additional funds, the industry remains on tenterhooks awaiting the regulatory verdict.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.