Goldman Sachs released the results for a recent client survey featuring questions on crypto ownership and expectations.
The pool of 280 respondents has revealed a noticeable shift in the outlook on crypto investments. Although the sample size is relatively small, the survey includes a variety of client types. Included are asset and hedge fund managers as well as corporate and insurance clients.
Perhaps the most bullish takeaway shows that 40% of respondents already have some exposure to cryptocurrency in either physical or derivative forms.
The results are somewhat surprising considering that it was only less than a year ago that Goldman Sachs was telling its clients that crypto is “not an asset class” and “not a suitable investment.”
More than half of those surveyed are especially bullish on the price of Bitcoin. 54% answered that they expect the price of Bitcoin to be anywhere between $40,000 and $100,000 in the next 12 months. 22% are predicting that Bitcoin will be more than $100,000 by next year.
A little over 1/3 of the respondents replied that regulations and permission issues are the biggest hurdles that need to be overcome before they can start allocating funds.
A majority 57% have taken notice of the influx of institutional investments in crypto such as the billions of dollars invested in Bitcoin by Tesla and MicroStrategy.
BeInCrypto recently reported that Goldman Sachs would be reopening its crypto trading desk to offer clients Bitcoin (BTC) futures and non-deliverable forwards (NDFs). The bank had previously closed this service back in 2018 after Bitcoin fell from its then-all-time high of $20,000.
Bitcoin is trading just above $47,000 after falling from its all-time high of $58,433 on Feb. 22.