PWC: Majority of cryptocurrency fund managers surveyed predict Bitcoin could reach $100K by the end of the year

Bitcoin price estimates of cryptocurrency fund managers.

PWC, a Big Four accounting firm, released its “4th Annual Global crypto Hedge Fund Report” last week. It was produced in conjunction with the Alternative Investment Management Association (AIMA) and Elwood Asset Management (now part of Coinshares).

The data in the report comes from a survey conducted in April on a prototype that included 77 professional cryptocurrency hedge fund managers, PWC explained, adding that total assets in management rights (AUM) were $4.1 billion by 2021.

The report includes bitcoin price predictions. “We have given cryptocurrency fund managers the opportunity to contribute their estimates of the price of BTC and where the overall cryptocurrency Market Capitalization will be on December 31, 2022,” the big four accounting firm detailed.

The results show that “while the cryptocurrency market as a whole is quite bearish, regulators remain extremely optimistic about BTC,” the report describes. In particular, “the average prediction of BTC price is $75,000”, namely:

“The majority of predictions are in the range of $75,000 to $100,000 (42%), with another 35% predicting btc prices will be in the range of $50,000 to $75,000 by the end of 2022.”

John Garvey, pwc’s U.S. global head of financial services, commented:

“Terra’s recent demise vividly demonstrates the potential risks in digital assets. There will continue to be volatility, but the market is still growing.”

“Given what is happening, not only are more hedge funds focused on cryptocurrencies and higher AUM, but also more traditional funds involved in the cryptocurrency space,” he concluded.

PWC also explained that 38% of traditional hedge funds surveyed are now investing in digital assets, compared to 21% a year ago. The company added:

“The number of professional cryptocurrency hedge funds is currently estimated at 300 globally.”

Furthermore, 46% of cryptocurrency hedge funds surveyed revealed that they are involved in cryptocurrency betting, 44% participate in lending and 49% participate in borrowing.

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