One of the “Big Four” accounting firms, PWC published some notable forecasts for Bitcoin and the cryptocurrency market in its “4th Annual Global Crypto Hedge Fund Report” last week. This report had shared input from the Alternative Investment Management Association (AIMA) and Elwood Asset Management.
The report was the result of a survey carried out in April assessing 77 specialist crypto hedge fund managers. As of 2021, the cumulative asset under management (AUM) by these managers was $4.1 billion, according to PWC. The report also detailed price forecasts for Bitcoin.
The giant accounting firm explained:
“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 31 December 2022.”
The survey results suggested that “while the overall crypto market was quite bearish, managers remained extremely bullish on BTC.” Explaining that “the median prediction of BTC price being $75,000,” PWC detailed:
“The majority of predictions were within the $75,000 to $100,000 range (42%), with another 35% predicting the BTC price to be between $50,000 and $75,000 by the end of 2022.”
The global financial services leader of PWC US, John Garvey, noted:
“The recent collapse of Terra vividly demonstrated the potential risks in digital assets. There will continue to be volatility, but the market is maturing.”
Garvey added: “With that is coming, not only many more crypto-focused hedge funds and higher AUM but also more traditional funds entering the crypto space.”
PWC Survey: Almost Half of Survey Crypto Hedge Funds Engage in Staking, Lending, and Borrowing
The PWC survey also showed that 38% of traditional hedge funds have crypto exposure, a notable leap from the 21% recorded last year. PWC added that “the number of specialist crypto hedge funds is estimated to now top 300 globally.”
Finally, the survey detailed that 46% of its crypto hedge fund subjects highlighted that they had staked cryptocurrencies, 44% revealed they are engaged in crypto lending, and 49% in borrowing.
You can purchase Lucky Block here. Buy LBlock
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
