Close to all wealth managers and institutional investors (97%) expect Bitcoin to rise from its current level just under $70,000 to top $100,000, according to research by Nickel Digital Asset Management.
The firm quizzed a pool of wealth managers and institutional investors across the UK, US, Germany, Switzerland, Singapore, Brazil and the United Arab Emirates who collectively manage about $1.7trn in assets.
Notably, confidence in Bitcoin and crypto’s long term prospects has risen significantly over the past six months, with the 97% figure well above the 75% giving this answer in January.
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Since the turn of the year, Bitcoin and Ethereum ETFs have been launched by the likes of BlackRock, Franklin Templeton and Fidelity, with the traditional finance world increasingly embracing digital assets.
One in five of those questioned (20%) expect the $100,000 valuation to be achieved within two years.
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The positive sentiment extends beyond Bitcoin, with almost all (98%) of the investors spoken to saying they believe altcoins and other digital assets will attract more investment. This compares with just 83% expressing this view in January.
In terms of short-term performance, the study found high levels of confidence in the prospects of both Bitcoin and Ethereum, with 92% expecting Bitcoin to end the year higher than the $70,000 it was at when the survey was carried out in June 2024. A similar 96% expect Ethereum to end the year higher than the $3,700 it was when the survey was conducted.
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