A new survey shows that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000.

‘Strong Year Ahead for Bitcoin’

Nickel Digital Asset Management published the results of a survey Thursday showing how high institutional investors expect the price of bitcoin to reach. The London-based investment manager is registered with the U.K. Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC).

The survey, commissioned by Nickel and conducted by market research company Pureprofile this month, interviewed 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil. The respondents collectively managed around $2.85 trillion in assets.

Sharing the results of the survey, Nickel detailed:

Professional investors are forecasting a strong year ahead for bitcoin and are confident about its long-term valuation. Nearly nine out of 10 professional investors predict bitcoin price rise this year. Two out of three agree $100,000 valuation is possible but only for long-term investors.

Regarding the price of bitcoin, the asset manager described, “The study found high levels of confidence about the long-term trend of the cryptocurrency,” adding that 23% forecasted that BTC will exceed $30,000 by the end of 2023.

Furthermore, 65% of institutional investors surveyed agree bitcoin could still hit $100,000 in the long term. Among them, 58% expect BTC to reach this price level within three to five years while 25% say it would take five or more years.

Meanwhile, 39% of total respondents predicted that the price of bitcoin will reach its November 2021 peak of $69,000 within three years while 76% said it will likely happen within five years. “Only 3% questioned whether bitcoin will ever reach previous all-time high again,” the asset management firm noted.

Nickel CEO Anatoly Crachilov commented:

Price predictions in the cryptocurrency market is always a daunting task, however the most significant finding in our survey is that only 3% of investors are questioning bitcoin’s future.

When do you think the price of bitcoin will hit $100K? Let us know in the comments section below.

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Filed under: Bitcoin - @ January 29, 2023 7:30 am