The Institutional Bullishness on Bitcoin
A recent survey conducted by Fundstrat Global Advisors indicates that institutions are adopting a more positive stance towards Bitcoin (BTC) compared to the crypto enthusiasts on Twitter. Tom Lee, the managing partner and head of research at Fundstrat, presented these findings in an interview that made waves on CNBC.
Survey Insights: Institutional Optimism vs. Twitter Skepticism
The survey captured responses from 25 institutions and gathered over 9,500 public opinions via a Twitter poll. Lee noted a significant discrepancy in outlooks: around 54% of institutional respondents believe Bitcoin has already hit its low for the year. This optimism suggests a potential rebound within the crypto ecosystem.
Conversely, the crypto Twitterati were less enthusiastic, with a striking 66% believing that Bitcoin’s price could still dip lower. Only 40% of pollsters felt Bitcoin would reach $15,000 by the end of 2019. The difference in sentiment raises questions about the community’s nerves versus institutional confidence.
The Growing Influence of Institutional Investors
As highlighted in a Bloomberg report on October 1, institutional players have overtaken retail investors as the dominant force in crypto transactions exceeding $100,000. Hedge funds and other traditional investors show a growing interest in the crypto markets, often through over-the-counter deals, highlighting a transformational shift in the trading landscape.
Tom Lee’s Predictions: From Bitcoin Over to Ethereum
Lee remains steadfast in his earlier prediction that Bitcoin might trade between $22,000 and $25,000 by the end of 2018. Furthermore, he forecasts a bright future for Ethereum (ETH), projecting a ‘trend reversal’ that could see its price soaring to $1,900 by year-end. Lee’s optimistic approach stands in stark contrast to some of his counterparts.
Contradicting Views: Novogratz’s Cautionary Tale
On the contrary, Mike Novogratz, CEO of Galaxy Digital Capital Management, has recently dialed back his expectations, stating that he no longer believes Bitcoin will reach $45,000 by November 2018. In a shift that echoes the uncertainty permeating the crypto landscape, Novogratz now predicts Bitcoin might struggle to even surpass the $9,000 mark this year. The crypto industry is truly a roller coaster ride of emotions!
