Fundstrat Poll Shows Investors Believe in Bitcoin

The cryptomarket seems to be recovering from the downward spiral that caused it to lose more than half of its value during the first quarter of the year. That seems to be the general sentiment in the blockchain investor ecosystem, and a Fundstrat poll surveying institutional investors corroborate this information.

No other details were published about the survey besides the results and that it was conducted on April 23, but the pollster’s credibility makes it possible to take the news seriously and confidently. Investors’ opinions are in line with the views of Tom Lee, its CEO, who is also an investor with a reasonably optimistic view in the medium and long-term benefits of crypto.

Fundstrat Poll

The Fundstrat poll revealed that 82% of investors believe that Bitcoin has already bottomed out, reaching record lows that will not be repeated this year. This view echoes the data obtained from the technical analysis of bitcoin prices through the use of various indicators. In fact, Tom Lee developed a proprietary bitcoin market indicator: The Bitcoin Misery Index. This indicator, according to an interview with CNBC, showed that the best time to buy Bitcoin was in February and March, with a higher ROI opportunity than that resulting from investing at other times of the year,

There also seems to be some calm among investors: according to the survey, absolutely no one believes that by the end of 2018, that bitcoin will close at a value of less than 8K while 53% say bitcoin will remain within the 10-20K range. The most bullish option of all – more than 30K in value, has an approval rating of 6%, which shows that expectations are more conservative than those of late 2017.

Other topics covered in the survey focused more on legal and regulatory aspects. According to the results, 47% of investors do not believe that the SEC will provide clarification on its stance how tokens are viewed as securities this year. 67% do not think that ETH will be classified as a security by the regulatory bodies.

Regarding overall investments, the Fundstrat poll showed that there was equity of response as to what motivates investors to put their money into the various tokens. The answers were: Utility tokens, 29%; Store of value, 21%; Tokenizing Real Assets, 29%; An Asian broker/dealer bank, 21%.

Something on which there seems to be general agreement is the fact that the first major firm to offer crypto trading for institutions will be Goldman-Sachs with a 60% while nobody considers that Canada will provide them with such an opportunity.

>>A Guide to Cryptocurrency Airdrops

On bullish behavior expectations, 65% believe that a recession would be an opportunity for Bitcoin to rise. Also, 60% think that John McAfee will lose his bet – that he would place Bitcoin at a price of $1 million by 2020.

However, not everything is predicted with Bitcoin. Tom Lee himself said that, although challenging, it was certainly possible for bitcoin to reach this milestone.

Buy Bitcoin Over Bitcoin Cash

On another note, in an interview with CNBC on the subject of BTC-BCH rivalry, Tom Lee said that although “both have merits,” Bitcoin represented a better investment opportunity:

“If I were putting new money to work today – a fresh dollar – I would be a lot more interested in buying a laggard that could attract inflows as opposed to something that’s already potentially overbought.”

Featured Image: Twitter


If You Liked This Article Click To Share

Source: Fundstrat Poll Shows Investors Believe in Bitcoin

you're currently offline