Only 39% of U.S. Financial Advisers Optimistic About BTC ETF Approval in 2024
A recent survey conducted among U.S. financial advisers indicates a notable degree of skepticism regarding the approval timeline for a spot Bitcoin exchange-traded fund (ETF) in the United States. The survey, conducted by ETF issuer Bitwise and released on January 4, revealed that only 39% of U.S.-based financial advisers anticipate the approval of a Bitcoin ETF in 2024.
The survey, which gathered insights from a diverse range of financial professionals including registered investment advisers (RIAs), financial planners, institutional investors, and wirehouse representatives, asked participants to forecast the timeframe for the approval of a spot Bitcoin ETF.
The findings are in.
— Bitwise (@BitwiseInvest) January 4, 2024
We surveyed 437 financial advisors across the nation to gauge their views on crypto assets.
Here's what they had to say...
Contrary to expectations from some experts predicting approval by the January 10 deadline, the majority (87%) of respondents foresee eventual approval. However, only 22% believe it will happen in 2025, while 24% expect approval "after 2025." Additionally, 2% predicted approval in 2023, a projection that did not materialize. A smaller segment, 12%, expressed a pessimistic view, stating they believe approval will never happen.
Interestingly, the survey highlighted that despite the prevailing skepticism, many advisers are eager to witness the approval of a Bitcoin ETF, with some expressing their intention to buy Bitcoin for themselves or their clients. When asked about their preferences for timing the purchase in relation to ETF approval, 88% of these advisers indicated a preference to buy "after a spot Bitcoin ETF is approved in the U.S."
The backdrop for this survey is the longstanding challenge faced by ETF issuers in obtaining approval for spot Bitcoin ETFs from the U.S. Securities and Exchange Commission (SEC). In a notable development, Grayscale successfully appealed the SEC's rejection of its spot Bitcoin ETF proposal in June 2023.
This victory prompted the SEC to reconsider the application, and since then, a growing number of experts have argued for an imminent ETF approval. The SEC is currently facing a January 10 deadline to either approve or reject the ARK 21 Shares spot Bitcoin ETF, with deadlines for other funds slated for March.
