Amidst high anticipation for the approval of spot Bitcoin ETFs in the United States, a group of financial experts seems less optimistic about the prospects. According to a survey conducted by ETF issuer Bitwise and released on January 4, only 39% of U.S. financial advisors believe a Bitcoin ETF will receive approval this year.
The survey reached out to various financial advisors across the country, including registered investment advisers, financial planners, institutional investors, and representatives from brokerage firms. When asked about the anticipated approval timeline for a spot Bitcoin ETF, the majority, 39%, mentioned "2024." This stands in contrast to the expectations of some experts who predict approval by January 10.
Despite the prevailing pessimism, a significant number of surveyed advisors anticipate eventual approval for a Bitcoin ETF. Twenty-two percent predicted approval by 2025, while 24% believed it would come "after 2025." An additional 2% anticipated approval in 2023, a prediction that didn't come to fruition. Altogether, 87% of respondents believed in the potential eventual approval. However, 12% expressed skepticism, saying it would "never" happen.
The survey also highlighted a strong desire among many advisors for the approval of ETFs, even if they doubt it will happen soon. Some expressed eagerness to purchase Bitcoin for themselves or their clients for the first time. When asked if they would be willing to buy before or after the ETF's approval, 88% preferred "after a spot Bitcoin ETF is approved in the U.S."
The push for spot Bitcoin ETF approval has been ongoing for years, with ETF issuers endeavoring to obtain SEC approval. In June 2023, Grayscale challenged the SEC's rejection of its spot Bitcoin ETF proposal, winning the appeal in August. Consequently, the SEC had to reevaluate the application. This move has fueled the growing belief among experts that ETFs may soon gain approval. Notably, the U.S. Securities and Exchange Commission has a deadline of January 10 to approve or reject the ARK 21 Shares spot Bitcoin ETF, while some other funds have deadlines in March.
