Financial survey says bitcoin hit its bottom
82% of institutional investors believe bitcoin has found its base, suggesting the market is ripe for new money.
The overwhelming majority of a small group of institutional investors have declared that the world’s leading cryptocurrency, bitcoin (BTC), has bottomed and will close out the year at a much higher exchange price point.
Fundstrat Global Advisors cofounder Tom Lee revealed the results of the poll via his Twitter account. The group surveyed was made up of a mix of cryptocurrency and traditional macro hedge fund (long-only) investors.
CRYPTO: We hosted a small group of institutional investors on 4/23, mix of crypto and traditional macro HF/long-only. Results below. Key takeaway, institutions believe #BTC bottomed. We see this as a leading indicator for inflows of big money into Crypto pic.twitter.com/NybWPTZTg4
— Thomas Lee (@fundstrat) April 24, 2018
Most (82%) of those surveyed believe bitcoin has “bottomed out”.
Additionally, more than half (53%) postulate that bitcoin will be worth between $10,000-$20,000 by the end of 2018. Two fifths (41%) of respondents estimate the digital currency will be valued between $20,000-$30,000, while a small proportion (6%) think it will close out the year over $30,000. Not one respondent considered bitcoin to be worth less than $8,000 by December 31. For perspective, bitcoin is currently worth around $9,000.
“We see this as a leading indicator for inflows of big money into crypto,” Lee said.
However, only one third (33%) of respondents believe Ethereum will achieve security token classification.
Also, two fifths (40%) of those surveyed are sure controversial cryptocurrency proponent John McAfee will win his morbid and sadistic bet with the internet that bitcoin would reach $1 million by the end of the year 2020.
If and when the burgeoning cryptocurrency industry is able to gain regulatory approval, the United States’ Nasdaq Stock Market would contemplate opening its own digital currency exchange to support this evolution.
Earlier this week, CFE petitioned the Commodity Futures Trading Commission (CFTC) to lower the minimum buy and sell prices of its futures contracts, just a few months after the exchange launched the products.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
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