Bitwise survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission (SEC) to eventually greenlight such an ETF.
The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of ‘if’ but ‘when’.
Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.
Grayscale, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.
See Related: Australia To Launch Its First Bitcoin ETF
Bitwise’s Take
The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.
Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC’s concerns.
Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC’s requirements, indicating a concerted effort to meet regulatory standards.
This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.
