Fundstrat, a market and sector research firm, recently conducted a survey that compared institutional investor sentiment with those of “Crypto-Twitter”[CT]. This was achieved through a survey of their clients and Twitter polls.
The respondents were asked questions concerning the prices of cryptocurrencies. While asked about the most important macroscopic factor that could influence the cryptocurrency market and prices, both parties ranked Central banks as the #1 reason. The results stated that 25% of Twitter and 26% of Institutional investors chose this option.
When asked about whether the price of cryptocurrencies could increase owing to a recession, a whopping 72% of the institutional players responded positively. Almost 60% of CT also responded positively. This indicates that institutions are more confident that prices would increase during a time of recession.
A majority of both institutional investors and Twitter say that Bitcoin [BTC] has bottomed. The second most popular opinion among both the groups was that it will bottom before the end of the year 2018.
When asked about the price of Bitcoin, both CT and institutional investors believe that it will move above the $15000 mark. 40% of CT and 57% of institutional investors agreed to this, markedly presenting the investors as the more bullish party.
Recently, there was a product released by the InterContinental Exchange known as Bakkt, which was aimed at bringing Bitcoin to the masses. When asked about this, the institutional investors stated that it will drive adoption in the space.
The United States Securities and Exchanges Commission [SEC] has taken a non-clear stance on cryptocurrencies. When asked about the consequences of the regulatory stance, 60% of the institutional investors stated that other countries will fall in line with the United States’ view.
When asked about which top 15 currency will be the best performers in 2019, 59% of institutional investors said Bitcoin. This was closely followed by EOS.
They were also asked about which currency would be the worst performer and chose Tether, Tron, and EOS in that order.
When asked about which investment thesis made the least sense to them, both institutional investors and Crypto-Twitter chose XRP, with 28% and 31% respectively. Bitcoin was the second most popular option, with 17% responses.
Institutional investors were then asked to identify two positive and negative catalysts for the cryptocurrency market. For the positive factors, 24% chose institutional adoption, and 15% chose the approval of a Bitcoin ETF.
Disturbingly, over 52% of the investors chose the SEC as the single most negative catalyst for the cryptocurrency market in general. This marks a marked reluctance of individuals to enter the market of fear of the SEC.
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