Crypto Fund Managers Predict Bitcoin Could Reach $100K by Year-End: PWC Survey

PWC, one of the Big Four accounting firms, has found that a majority of cryptocurrency fund managers who took part in their recent survey believe that Bitcoin's price would be between $75k and $100k by the end of this year.

The “4th Annual Global Crypto Hedge Fund Report,” which was published last week, is based on a survey conducted in April across a sample of 77 specialist crypto hedge fund managers, PWC explained, adding that their total assets are under management (AUM) were $4.1 billion in 2021.

“We gave crypto fund managers the opportunity to contribute their estimates on where the price of BTC and the overall cryptocurrency market capitalization would be on Dec. 31, 2022,” the Big Four accounting firm said.

The results showed that “while the overall crypto market was quite bearish, managers remained extremely bullish on BTC,” the report described.

"The majority of predictions were within the $75,000 to $100,000 range (42 percent), with another 35 percent predicting the BTC price to be between $50,000 and $75,000 by the end of 2022," the report said.

Bitcoin dipped 7.05 percent to $22,559.53 as of 6.39 a.m. ET, CoinMarketCap data showed. The global market was down 3.57 percent at $944.78billion.

John Garvey, PWC United States’ global financial services leader, said: "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 that is coming not only many more crypto-focused hedge funds and higher AUM but also more traditional funds entering the crypto space,” he concluded.

Furthermore, 46 percent of crypto hedge funds surveyed revealed that they are involved in cryptocurrency staking, 44 percent are engaged in lending, and 49 percent are involved in borrowing.

Another survey recently revealed that most retailers are waiting for the ideal time to invest in cryptos as soon as this year.

The Bank of America (BAC) conducted a survey of 1,000 people in early June and it found that 90 percent of respondents were preparing to buy cryptocurrencies within the next six months.