Bitcoin ETF will be approved in 2024? According to a survey conducted by ETF issuer Bitwise and published on January 4, there is a degree of pessimism among U.S.-based financial advisers regarding the approval of a spot Bitcoin exchange-traded fund (ETF) this year. The survey reveals that only 39% of these financial advisers believe a Bitcoin ETF will be approved in the United States in the current year. This sentiment among financial professionals indicates some skepticism about the regulatory landscape and the likelihood of near-term approval for a Bitcoin ETF.
The findings are in.
We surveyed 437 financial advisors across the nation to gauge their views on crypto assets.
Here’s what they had to say…
— Bitwise (@BitwiseInvest) January 4, 2024
Bitcoin ETF will be approved in 2024?
The survey conducted by Bitwise involved a range of financial advisers, including registered investment advisers (RIAs), financial planners, institutional investors, and wirehouse representatives. The responses indicated a degree of skepticism among financial professionals regarding the approval timeline for a spot Bitcoin ETF in the United States.
Only 39% of surveyed advisers expect a spot Bitcoin ETF to be approved in 2024, contrary to some expectations that the approval could happen by January 10. However, a majority of advisers, 87%, believe that a Bitcoin ETF will eventually be approved. Among them, 22% expect approval in 2025, 24% expect it after 2025, and 2% predicted approval in 2023, though this did not materialize. A small percentage, 12%, expressed skepticism, stating they believe a Bitcoin ETF will never be approved.
The survey also highlighted the eagerness of many advisers to see a Bitcoin ETF approved, even if they don’t anticipate it happening soon. Some advisers expressed interest in buying Bitcoin for themselves or their clients for the first time. When asked whether they would prefer to buy before or after a spot Bitcoin ETF is approved, 88% of these advisers answered “after a spot Bitcoin ETF is approved in the U.S.”
The ongoing anticipation for a spot Bitcoin ETF approval is fueled by Grayscale’s successful appeal in August, forcing the SEC to reconsider its rejection of the company’s proposal. The SEC has a deadline of January 10 to approve or reject the ARK 21 Shares spot Bitcoin ETF, while other fund deadlines are in March.
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