Bitcoin has been struggling for days: the price of BTC has risen along with other cryptocurrencies after the U.S. Federal Reserve announced its biggest interest rate hike in three decades. In the meantime, however, BTC had to give up 5% again. Despite the chaos, a recently published study shows that most crypto fund managers remain optimistic. Some are even predicting that Bitcoin could reach $ 100,000 by the end of the year.
Bitcoin can still turn the tide – despite the ongoing tsunami
According to a study by financial services firm PricewaterhouseCoopers (PWC), the majority of cryptocurrency fund managers surveyed believe that it can pull the world’s most popular cryptocurrency asset out of trouble with a value of between $ 75,000 and $ 100,000. end of the year. . PWC Background: PWC is one of the four largest accounting firms in the world.
According to PWC, the “4th Annual Crypto Hedge Fund Annual Report” is based on a survey of 77 specialized crypto hedge fund managers conducted in April. Its total assets under management (AUM) exceeded $ 4 billion last year.
As with previous versions of the survey, PWC asked respondents to predict the price of Bitcoin up to the end of 2022. Despite the negative cryptocurrency market at the time of the study, hedge fund managers remain surprisingly enthusiastic about cryptocurrency.
Bullish majority forecast: Bitcoin at $ 100,000
“We have allowed crypto fund managers to provide their estimates of where the BTC price and total cryptocurrency market limit would be at December 31, 2022.”
The majority (42 percent) estimate that the price of Bitcoin will be between $ 75,000 and $ 100,000 by the end of 2022. On the other hand, 35 percent expect it to be between $ 50,000 and $ 75,000 by the end of the year.
The majority of respondents believe that the total value of the crypto market, which was about $ 1.5 trillion at the time of the study, will eventually be higher.
John Garvey, global financial services leader at PWC in the United States, explains: The recent collapse of Terra has highlighted the dangers of digital assets. Garvey:
“The market will continue to be volatile, but it’s maturing.”
In addition to the massive development of cryptocurrency hedge funds over the past year, the study also highlights the continued dominance of Bitcoin in both cryptocurrency hedge funds and traditional funds.
Text credit: Bitcoinist
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