54% Institutions Optimistic on Bitcoin which is More then Retail Investors: Fundstrat
In this quite uncertain crypto market, not all types of investors are hopeful. Yet, Institutions are optimistic about Bitcoin, suggests a survey by Fundstrat.
Fundstrat is a first Wall Street strategy firm and conducted a six-question Twitter poll to examine the approach of retail cryptocurrency investors and then asked the same questions at a private dinner to institutional investors.
The research indicates that, once institutional investors are interested in bitcoin, they become even more bullish than their retail counterparts. Here, Tom Lee, managing partner and head of research for Fundstrat concluded that Wall Street is calling a bottom in Bitcoin.
Based on the survey, 54 percent of respondents of institutions are confident about the cryptocurrency and believes Bitcoin has already hit its lowest price point this year. They are quite positive about the future growth of Bitcoin, 57% among them said that Bitcoin’s price is going to reach anywhere from $15,000 to “the moon” by the end of 2019.
The crypto community on Twitter differs from the institutions regarding bitcoin. 66 percent of respondents to the survey thinks that bitcoin prices can go down even more than it is at present. Very few, that is only 40 percent have agreed that Bitcoin will probably reach $15,000 by year end 2019.
Institutional investors overtook high-profile retail investors as the expert players in cryptocurrency trading, for example, hedge funds, which are reportedly becoming more involved in the crypto markets via over-the-counter deals, reportedly.
While Talking to Bloomberg, Lee has stated, “Ethereum is about to see a “trend reversal and rally strongly,” up to $1,900 per coin by the end of 2018.”
Apart from that, Mike Novogratz, CEO of crypto investment firm Galaxy Digital Capital Management who is a billionaire investor has revoked his earlier presumption that Bitcoin will reach $45,000 by Nov. 2018. Now, he does not estimate Bitcoin to even exceed the $9,000 threshold in 2018.
Let us hope that the optimism works out fruitfully !!
October 15, 2018