According to this year's Bitwise survey, four percent of US-based financial advisors expect the Bitcoin price to skyrocket above the $100,000 mark over the next few years. However, the majority of all survey participants believe that the leading cryptocurrency will be trading in the $7,000-$24,999 range.
From hero to zero
About five percent of all responders predicted that the BTC price would witness at least a ten-fold increase. However, while some are incredibly bullish on Bitcoin, there are also those advisors who don't believe that it will be able to survive during the next five years.
In fact, eight percent of all them are certain that the price of Bitcoin is going to zero within the next five years. 10 percent also predicted that BTC would plunge below the $1,000 level over the aforementioned period of time.
On a positive note, there are significantly fewer permabears among the top financial advisors in the US. As Blockchain Capital's Spencer Bogart points out, 14 percent of them insisted that BTC would tank to zero last year.
Only 8% of financial advisors expect Bitcoin to go to zero (down from 14% last year).— Spencer Bogart (@CremeDeLaCrypto) January 15, 2020
76% of advisors said clients asked about crypto in 2019.
Bitwise 2020 Benchmark Survey of Financial Advisor Attitudes Toward Crypto: https://t.co/lTqJuSKRKF
Great data from @BitwiseInvest 🙏
The Bitwise survey reveals that a whopping 64 percent of advisors would choose an exchange-traded fund (ETF) in order to invest in crypto. Only 16 percent of all participants would opt for direct ownership of crypto. The US Securities and Exchange Commission (SEC) is yet to approve a Bitcoin ETF after rejecting at least a bunch of proposals.
Notably, Bitwise withdrew its very own ETF application shortly after publishing this research.
Another sticking point is the lack of regulatory clarity in the US. 58 percent of all advisors would feel "more comfortable" about allocating their assets to Bitcoin with better regulations.