Major financial services firm PWC conducted a study and found that the 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 Estimation by Crypto Fund Managers
PWC, a Big Four accounting firm, released its “4th Annual Report on Global Crypto Hedge Funds” last week. It was produced in conjunction with the Alternative Investment Management Association (AIMA) and Elwood Asset Management (now part of Coinshares).
The data in the report comes from an April survey of a sample of 77 crypto-focused hedge fund managers, PWC explained, adding that their total assets under management (AUM) was 4.1 billion. dollars in 2021.
The report includes bitcoin price predictions. “We have given crypto fund managers the opportunity to provide their estimates on the price of BTC and the overall market capitalization of cryptocurrencies as of December 31, 2022,” detailed accounting firm Big Four.
The results showed that “while the overall crypto market was quite bearish, managers remained extremely bullish on BTC,” the report describes. Noting that “the median BTC price prediction being $75,000,” PWC detailed:
The majority of forecasts were in the $75,000-$100,000 range (42%), with another 35% predicting the price of BTC to be between $50,000 and $75,000 by the end of 2022.
John Garvey, PWC’s Global Financial Services Leader in the United States, said:
The recent Terra collapse has clearly demonstrated the potential risks of digital assets. There will always be volatility, but the market is maturing.
“With this, not only many more crypto-focused hedge funds and higher AUMs, but also more traditional funds entering the crypto space,” he concluded.
PWC also explained that 38% of traditional hedge funds surveyed currently invest in digital assets, up from 21% a year ago. The firm added:
The number of specialized crypto hedge funds is estimated at 300 today worldwide.
Additionally, 46% of crypto hedge funds surveyed revealed that they were involved in cryptocurrency staking, 44% were engaged in lending, and 49% were involved in borrowing.
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