Only 39% of financial advisors believe a 2024 Bitcoin ETF will be approved: Bitwise

While many crypto holders are eagerly anticipating the launch of a spot bitcoin (BTC) exchange-traded fund (ETF) in the United States, one group of financial experts seems to be giving up on that prospect. A survey from ETF provider Bitwise published on January 4 found that 39% of US-based financial advisors believe a Bitcoin ETF will be approved this year.

The findings are in

We surveyed 437 financial advisors across the country to gauge their views on crypto assets.

Here's what they say…

— Bitwise (@BitwiseInvest) January 4, 2024

The survey asked a number of questions of financial advisors across the country, including registered investment advisors (RIAs), financial planners, institutional investors and wirehouse representatives. When participants were asked to select when they expected the Bitcoin ETF space to be approved, only 39% answered “2024.” This contrasts with some experts who expect the ETF to be approved by the January 10 deadline.

Despite this pessimism, most advisors expect the Bitcoin ETF to be approved eventually, the survey found. Twenty-two percent said approval would come in 2025, and 24 percent said “after 2025.” Another 2% said approval would come in 2023, although that prediction did not materialize. Taken together, this indicates that 87% believe the full ETF will eventually be approved. When asked this question, 12 percent answered “never”.

The survey also indicated that many advisors are eager to see ETF adoption, even if they don't think it will happen anytime soon. Some participants said they wanted to buy Bitcoin for themselves or their customers for the first time. When these specific advisors were asked whether they would prefer to buy ETFs before or after they were approved, 88% answered “after the spot bitcoin ETF is approved in the US.”

For years, ETF issuers have struggled to find a Bitcoin ETF spot approved by the US Securities and Exchange Commission (SEC). But in June 2023, Grayscale rejected the agency's proposal for a Bitcoin ETF. Grayscale won its appeal in August, forcing the SEC to reconsider its application. Since then, more and more experts have argued that the ETF will soon be approved. The SEC has a January 10 deadline to approve the ARK 21 Shares spot Bitcoin ETF, while the deadlines for some other funds are in March.