The latest figures released by Tom Lee, co-founder and head of research at Fundstrat Global, highlight an interesting peculiarity: institutional investors, usually more cautious, have been very optimistic about the future of bitcoin.
Institutions vs Twitter: Will bitcoin go up?
In fact, 54% of the 25 institutions surveyed were convinced that bitcoin not only reached the bottom, i.e. the lowest point of prices but that it is now destined to rise.
This optimism seems much stronger than the result obtained with 9,500 Twitter users: in the latter case, bulls did not surpass 44%.
Not only that: 57% of institutions said that bitcoin could soon reach $15,000 by the end of 2019, while only 40% of Twitter users surveyed saw a sharp change in price upwards.
Change of course. Maybe not
A turning point? Not really. Although central banks are still seen as the most important macro factor, an entry on the scene by institutional investors, the only players who could give international legitimacy to a sector currently still too volatile, does not seem to be a near reality.
Tom Lee, in a recent statement on Bloomberg, said that the next crypto rally will be driven by precise catalysts that could be institutional investors and no longer the retail sector. The problem? The event that could trigger it still does not seem to be on the horizon.
A stance taken on bitcoin by institutional investors could perhaps be a springboard for the cryptocurrency to rise again, perhaps even beyond the +1.300% recorded last year.