Financial survey says bitcoin hit its bottom

Posted: 25 April 2018 2:30 pm
bitcoin price movement small

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.

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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