PwC – Cryptocurrency Focused Funds Remain Bullish on Bitcoin
Despite Bitcoin’s lackluster showing as of late, a majority of cryptocurrency hedge fund managers expect the cryptocurrency to stage a comeback this year, according to the findings of a recent research conducted by one of the largest accounting companies in the world.
PricewaterhouseCoopers (PwC) disseminates the findings of a survey regarding cryptocurrency hedge funds that were carried out in the first quarter of 2022 by crypto manager CoinShares. The survey did not include questions regarding cryptocurrency index funds or cryptocurrency venture capital funds.
According to the findings of the research, hedge fund managers continued to have an extraordinarily positive outlook on Bitcoin although the cryptocurrency winter was well under way when the poll was conducted in April 2022.
“Every participant projected that Bitcoin’s price will finish the year at a level greater than the level it was trading at when the poll was closed, which was $40,000. The median forecast for Bitcoin’s price was $75,000. 42 percent of respondents said that the price of bitcoin will be between $75,000 and $100,000 by the end of this year. Rest of the 35 percent predicted that the price of bitcoin would be between $50,000 and $75,000.”
The participants were also hopeful that by the end of 2022, the aggregate market value of cryptocurrencies would surpass the threshold of $1.5 trillion.
“Over 97 percent of fund managers anticipate that the cryptocurrency market will wrap up the year considerably above present levels, with the average forecast level sitting at $3 trillion. Fund managers are also bullish regarding the amendments that will occur in the market capitalization of cryptocurrencies in the forthcoming year. The majority of analysts placed their estimates between $2 and $3 trillion.”
According to the survey, it is not yet obvious how latest happenings and shifts in market mood might impact the forecasts. At the time of this writing, the current price of Bitcoin on the market is $27,376. As per CoinMarketCap, the total value of the cryptocurrency market on a worldwide scale has reached $1.10 trillion.