Tom Lee and the Fundstrat team recently conducted a stealth survey among 25 top financial institutions and Twitter on the state of affairs in the cryptocurrency market.
The results found that both institutional investors and retail investors will agree ‘Bitcoin has already bottomed.’
Cryptocurrency is About ‘Analysis Not Opinions’
It is hard to argue against cold hard data. Well-known financial data scientist Tom Lee agrees, as evident in his Twitter bio.
Lee is the head of research at Fundstrat Global Advisors, an organization in the United States that champions the cultivation and analysis of raw data over the opinion of any singular person.
The Fundstrat team recently had the opportunity to poll a group of 25 top financial institutions on their thoughts of major influencing factors concerning the present and future states of digital currency and blockchain technology. The same poll was then opened freely to users on Twitter, and the results are in.
The Main Event: Institutions Vs. Twitter
The survey got right down to business when polling both groups on topics such as macroscopic influences on the market, top-15 cryptocurrency performances, and Bitcoin’s price for year-end 2018 and 2019.
Twitter users and institutions were at odds betting on their picks for the best performing cryptocurrency in 2019. While the majority of institutions thought Bitcoin would remain on top in 2019, Twitter users predicted that Ripple (XRP) will be the top performer next year.
Twitter users and institutions did, however, find consensus in nearly all other questions posed in the survey.
Both parties unsurprising agreed that the number one macroscopic influencing factor on the current cryptocurrency prices were central banks, with institutions mostly agreeing that ‘geopolitical tensions’ were a close secondary factor.
There was also a majority consensus that the prices of cryptocurrency would rise in the event of an economic recession.
Bitcoin Price Reigns Supreme
The most important topic, however, to anyone interested in cryptocurrency — from the casual, small-time ‘hodlers’ all the way up to the ‘chad whales’ at the top of the chain — was the price of Bitcoin. (When will we see the bottom for the foremost virtual currency? Will the creation of Satoshi Nakamoto make its way back to the moon by the end of this year or next?)
The results showed both institutional investors and Twitter accounts mostly agreed that the price of Bitcoin has seen the bottom — institutions voting with a majority 54 percent, while the social media platform’s users were less sure at 44 percent. While there is no true metric to determine if each person polled actually believes that the worst is in the past as a self-fulfilling prophecy, or actually believes it to be the case with no other motives — there is agreement nonetheless.
In regards to price for year-end 2018 and 2019, both groups remain super-bullish — agreeing that the price of Bitcoin will continue to climb and reach a price of $15,000 or more by the end of 2019.
What are your thoughts on the institutions vs. Twitter survey conducted by the Fundstrat team? Are there any other questions you would have liked to see answered in the survey? Is now a good time to invest in cryptocurrencies and/or buy bitcoins? Let us know your thoughts in the comments below!
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