For a long time, institutional investors have been skeptical about Bitcoin (BTC) and its altcoins. Crypto communities on social media networks were main supporters of this industry. Now, according to a new survey by Tom Lee, the situation seems to be changing.
Tom Lee, head of research at Fundstrat Global Advisors, has recently conducted a survey on cryptocurrencies. The survey had a private and a public part. The private survey included 25 institutions, while the public one was done via a Twitter poll on September 30.
The result of the survey was unexpected. It appears that institutions have grown more bullish on Bitcoin than BTC’s own crypto community.
— Phil⚡️ (@PhilCrypto77) October 4, 2018
Additionally, Tom Lee concluded that institutions are calling a bottom in Bitcoin. Up to 54% of institutional respondents have expressed an optimistic stance toward Bitcoin. In fact, they believe that Bitcoin has already reached its bottom and that it will not drop any further. They are also optimistic about its potential growth. Around 57% of institutional participants believe that Bitcoin will reach and exceed $15,000 per coin in 2019.
Is Bitcoin community losing faith in the coin?
As for the crypto community on Twitter, its stance seems to be less optimistic. A public Twitter poll has received over 9,500 responses. Around 66% of respondents believe that Bitcoin price can still drop lower than it already has. They also seem to be pessimistic regarding Bitcoin’s future price. Only 40% agree that BTC may reach $15,000 or more in 2019.
Recent reports claim that institutional investors have already made a large impact on crypto space. Bloomberg’s report says that institutions have replaced retail investors as the largest crypto traders. This includes transactions of $100,000 and more. Hedge funds and similar traditional investors are getting more involved with the crypto space.
As for Lee, he was very optimistic about cryptocurrencies, especially Bitcoin itself. One of his earlier price predictions claimed that BTC will trade between $22,000 and $25,000 by the end of the year. Now, he offers a new prediction, but this time — it is about Ethereum. Lee believes that Ethereum is about to rally and that its price can go up to $1,900 before the year ends.
Another interesting price prediction was given months ago by a billionaire, Mike Novogratz. Novogratz has made a prediction earlier this year, where he claimed that Bitcoin will reach $45,000 by November 2018. Yet, when asked about this prediction now, he changed his views. According to his new prediction, Bitcoin is unlikely to even reach $9,000 before the year ends.