Two polls questioning whether the price of Bitcoin has bottomed have delivered two different findings, with Wall Street institutions suggesting the worse is over.
Overly Optimistic?
Tom Lee, Fundstrat Global Advisors managing partner and head of research, polled 25 institutions to determine their feelings on the world’s leading cryptocurrency. This was compared against a Twitter poll, which received 9,500 responses.
According to the findings, those on Wall Street stated that Bitcoin’s price has already bottomed. However, a majority of those on Twitter suggested otherwise, reports CNBC. Of the findings, 54 percent from Wall Street stated that the worst was over for Bitcoin. This is compared to 44 percent from Twitter.
Interestingly, Wall Street institutions appear to be more bullish on Bitcoin’s price. This is notable considering they are generally seen as more cautious. Yet, the figures suggest that by the end of 2019, they expect the crypto’s price to rise to $15,000 and even to “the moon.”
Speaking on CNBC by phone, Lee said that it’s “not going to be a problem” for Bitcoin to reach $20,000 again in the future.
The survey also pointed out other interesting factors. Such as the fact that, during a recession, 72 percent of institutions believe cryptocurrencies will rise in price. On Twitter, 59 percent agreed. This, of course, is understandable. You only have to look to countries such as Venezuela or Argentina with turbulent economies to see the impact crypto can have on people’s lives.
Mati Greenspan, senior market analyst at eToro, said he can see why this is, reports MarketWatch. He said:
Bitcoin was built on the ashes of the financial crisis to provide an alternative to fiat money run by governments and banks. If there was a catalyst that would make people question the role of these institutions then I can see them moving higher.
Waiting for Approval
Notably, though, while the survey suggests institutions are bullish, their actions appear less so. Of course, for many, they are waiting on the approval of the first Bitcoin ETF, which many believe will bump market prices up.
The VanEck/SolidX Bitcoin ETF filed by options exchange Cboe is considered the one most likely to receive approval. However, while a decision was expected to be reached by the end of September, following an initial delay, that decision has yet to be made. A decision is expected later this year.
It remains to be seen what impact this will produce if and when a decision is reached. However, it’s likely to give the market the boost it needs if it’s favorable.
What do you think of the poll results? Let us know in the comments below.
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