Major financial services firm PWC has conducted a study and found that the majority of crypto fund managers surveyed believe that the price of bitcoin would be between $75K and $100K by the end of this year.
Bitcoin Price Estimation by Crypto Fund Managers
PWC, a Big Four accounting firm, released its “4th Annual Report on Global Crypto Hedge Funds” 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 across a sample of 77 specialist crypto hedge fund managers, PWC explained, adding that their total assets under management (AUM) were $4.1 billion in 2021.
The report includes bitcoin price predictions. “We have given crypto fund managers the opportunity to provide their estimates on the price of BTC and the overall market capitalization of cryptocurrencies as of December 31, 2022,” detailed accounting firm Big Four.
The results showed that “while the overall crypto market was quite bearish, managers remained extremely bullish on BTC,” the report describes. Noting that “the median prediction of BTC price being $75,000,” PWC detailed:
The majority of forecasts were in the $75,000-$100,000 range (42%), with another 35% predicting the price of BTC to be between $50,000 and $75,000 by the end of 2022.
John Garvey, PWC United States’ global financial services leader, commented:
The recent collapse of Terra vividly demonstrated the potential risks in digital assets. There will continue to be volatility, but the market is maturing.
“With this, not only many more crypto-focused hedge funds and higher AUMs, but also more traditional funds entering the crypto space,” he concluded.
PWC also explained that 38% of traditional hedge funds surveyed are currently investing in digital assets, compared to 21% a year ago. The firm added:
The number of specialized crypto hedge funds is estimated at 300 today worldwide.
Furthermore, 46% of crypto hedge funds surveyed revealed that they are involved in cryptocurrency staking, 44% are engaged in lending, and 49% are involved in borrowing.
