Oct 5, 2018 at 12:21
Oct 5, 2018 at 12:21 UTC
Institutional Investors Are More Bullish Than Crypto Twitter On Bitcoin
You may not find it by scrolling your cursor through your feed, but CT (Crypto Twitter) members are less persuaded than institutional investors that BTC (Bitcoin) has bottomed out.
As indicated in a recent survey conducted by Fundstrat, the market research firm that’s led by notable Bitcoin bull Tom Lee, 54% of institutions believe that BTC has bottomed out while just 44% of Crypto Twitter holds the same opinion.
At the initial pass, this may not make much sense provided that institutions have dragged their steps in backing the ever-emerging virtual asset industry. But at the point when you considered the major upcoming trade launches (ErsiX, Bakkt, etc.), the future is seeming a bit more optimistic especially for the accredited investors.
The report states, “The majority of institutions think BTC has bottomed while the plurality of Twitter sees BTC bottoming in 2019. And Institutions see significantly greater upside to BTC prices by YE19. Given that institutional inflows likely increase strongly in 2019, we believe BTC will be the primary interest for institutional investors — hence, should meaningfully outperform.”
Since Crypto Twitter and institutions may have different opinions on the short-term outlook of Bitcoin, there is just one thing which both the groups can agree on: Ripple Is Confusing. And, a lot of individuals supported this.
As a matter of fact, the survey presented that 46% of CT opted for XRP as their favourite coin, but 31% of them said that the investment thesis made the least sense in this regard. Likewise, 28% of institutions said that XRP made the least sense too but not institutions chose it as their favourite cryptocurrency.
Nevertheless, Fundstrat concluded its survey with two significant conclusions: institutional investor interest in Bitcoin has to drive it to surpass, and the lack of knowledge and interest in XRP is a contrarian buy signal.