Thomas Lee, Co-Founder of Fundstrat Global, released the results of a survey of institutional investors yesterday.
The results, which were released through Twitter, showed that a majority of investors believe that Bitcoin has bottomed, with 82% responding positively. The results were interpreted as “a leading indicator for inflows of big money into Crypto.” by Lee. 65% of investors also believed that cryptocurrencies would increase if there was a recession.
53% of survey respondents believed that the value of BTC would go to the range of $10000-$20000 by the end of 2018, with 41% believing that it would rise to $20000-$30000 in the same time frame. 6% of respondents believe that it would rise to $30000+.
After Gary Gensler’s recent talks on declaring top cryptos Ethereum and Ripple as non-compliant securities under US security laws, the crypto community is uncertain on their fate. The survey question about the status of these cryptocurrencies as securities as determined by the SEC reflects this public sentiment.
24% believed that they will reach a conclusion by the end of summer this year, 29% believed that it will occur by this fall, while 48% believed that a concrete conclusion would not be reached by the end of this year.
However, a majority of respondents believe that Ethereum will not be declared a security, with 67 responding negatively.
The question on use case scenarios for tokens yielded interesting results. 29% each interested in using them for utility and securitization, and 21% each interested in using them as a store for value and as digital currencies.
Finally, respondents were asked whether they believed that John Mcafee would win his own bet. The bet in question-related to Bitcoin reaching a value of $1 million by the end of 2020. Surprisingly, 40% of respondents were just as bullish as he is, responding positively.
Twitterati responded, with username AG070 says:
Surprised to see 40% as bullish as Mcafee !!
Twitter user, Tall Spirit said:
It’s great hearing institutional sentiment has shifted. Goldcoin is on Bittrex and well-positioned to capture the attention of these raging bulls. $GLD
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