Poll shows institutional investors think bitcoin price has bottomed

October 05, 2018
Chris Wheal

Institutional investors are becoming more positive about cryptocurrencies it seems. More so, it appears, even than members of the so-called crypto community, according to a series of polls.

Banking institutions are more positive about the future of bitcoin than the crypto communityFundstrat Global Advisors questioned managers at 25 institutions and also conducted a series of six public polls on Twitter that garnered 9,500 responses to the simple question: when do you think bitcoin will bottom?

Institutional investors more positive

Institutional managers were the most positive, with 54% of respondents saying they thought the bitcoin price had already bottomed – ten percentage points more than the 44% of the public poll who also thought it had already hit its lowest point.

Institutional investors also more positive when asked about bitcoin’s future, with 57% of respondents saying they believed its price would reach anywhere between $15,000 and “the moon” by the end of 2019. This compared with just 40% giving the same answer in the Twitter poll.

Just over a quarter in the Twitter poll predicted between $10,000-$15,000, while only 14% thought the price would remain below $6,999.

Further questions

Thomas Lee, co-founder of Fundstrat, asked a number of additional questions on the public Twitter poll.

Do crypto prices rise in a recession? A three-fifths majority thought that cryptocurrencies were a good investment during times of economic stress and that prices rose, thanks to the detachment of the asset class from the global economy.

Which token will be the best performing in the next 12 months? Bitcoin gained just under a third of the support for this question. Not surprisingly, Ripple’s XRP token gained 46% of the vote – presumably thanks to the success of its xRapid payments platform and other recent wins.

This only made the response to the next question seem counterintuitive, however, as a third of respondents also named XRP as the “investment thesis that made the least sense” to them. A similar amount named tron, while 17% named bitcoin.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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