PWC, the major financial services firm, conducted a survey and concluded that crypto fund managers think that bitcoin’s price will be anywhere from $75K to $100K at the end of the year.
Bitcoin’s Price Estimate by Crypto Fund Managers
PWC, a Big Four accounting firm, published its “4th Annual Global Crypto Hedge Fund Report” last week. This report was jointly produced with Elwood Asset Management and the Alternative Investment Management Association.
PWC said that data from the report is based on a April survey of 77 specialists crypto hedge fund manager managers. They also added that their total assets (AUM) was $4.1 Billion in 2021.
It also contains predictions on bitcoin’s price. “We gave crypto fund managers the opportunity to contribute their estimates on where the price of BTC and the overall cryptocurrency market capitalization would be on 31 December 2022,” the Big Four accounting firm detailed.
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 prediction of BTC price being $75,000,” PWC detailed:
42% of the predictions were in the $75,000 to $100,000 area, with 35% of the other prediction making the BTC cost between $50,000 and $75,000 at the end of 2022.
John Garvey, PWC United States’ global financial services leader, commented:
Terra’s recent fall has clearly demonstrated the risks associated with digital assets. The market is maturing, although volatility will still exist.
“With that is coming not only many more crypto-focused hedge funds and higher AUM but also more traditional funds entering the crypto space,” he concluded.
PWC explained that 38% are investing in digital assets at the moment, as opposed to 21% last year. According to the firm:
It is believed that there are currently 300 crypto-specialized hedge funds in the world.
Furthermore, 46% are involved cryptocurrency staking. 44% lend, while 49% borrow.
What do you think about the crypto fund managers’ bitcoin price prediction? Please leave your comments below.
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