As news of ETF decisions seem to swirl in and out every week, a new survey conducted by Bitwise Asset Management, a Californian asset management group, reports that 58% of financial advisors would invest in a Bitcoin ETF.
There are a significant number of people who question the need for a crypto ETF, wondering why people would want to marry a next-gen financial technology like crypto with legacy financial technologies like ETFs…At a 0.25%-10% allocation, crypto isn’t a deep focus of most investors, and most aren’t going to reinvent the wheel just to access it. They need it to be easy.
The survey queried 150 participants, who all acted in a financial advisory capacity. The participants were asked what might motivate them to invest in Bitcoin, to which 54% said “better regulation” and 35% said “the launch of an ETF.”
They then drew a comparison with the first gold ETF, saying that initially gold could be invested in several different ways, and that an ETF may not have appeared necessary. But that changed with the gold ETF’s launch, which brought in staggering volumes of trade.
Market Holding On as Fundamentals Improve
Bitwise, which has applied for its own ETF to be approved by the United States Securities and Exchange Commission (US SEC), is waiting on a decision by the regulatory body – and all decisions are on hold as the United States struggles with the fact that its government is in a shutdown period.
Still, as some of these major moves remain only in the pipeline, there are many fundamental improvements in the industry – such as the growth of new niches like tokenized securities – that bode well for the market.
Bitwise overall has a very positive outlook on the market, pointing to the market’s maturation, increasing regulatory clarity, and better trading infrastructure as positive signs. Despite these signs, many experts and analysts are conservative with respect to their predictions on the market.
JPMorgan Chase says that it could go as low as $1,250, while BCG Digital Ventures CEO Jeff Schumacher says that even zero is possible for Bitcoin.