Only 39% of financial advisors believe a Bitcoin ETF will be approved by 2024
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- Investor anticipation for the US Bitcoin ETF approval is high, but financial experts express caution. A recent Bitwise survey, released on January 4, reveals only 39% of US financial advisors believe these funds will be approved in 2024. Meanwhile, 22% anticipate approval in 2025, and 24% foresee it post-2025, with 2% undecided. Despite skepticism, 87% believe ETF approval is inevitable, and 12% think it will never happen.
- The survey highlights advisors' eagerness for an approved ETF, even if they doubt its prompt arrival. Some express interest in purchasing Bitcoin for themselves or clients. When asked if they would buy before or after ETF approval, 88% responded "after immediate US Bitcoin ETF approval."
- In recent years, ETF issuers have struggled for approval from the US Securities and Exchange Commission (SEC). Grayscale's appeal in June 2023 against SEC's rejection of the Bitcoin ETF spot proposal resulted in a legal win in August, compelling the SEC to reconsider the application. Since then, growing expert consensus suggests ETF approval is imminent. The SEC faces a deadline of January 10 to approve or reject ARK 21 Shares' Bitcoin ETF, while other funds await decisions in March.
