A new survey issued by Fundstrat is in the latest news on our DC Forecasts crypto news site – this time with a topic that is closely related to Bitcoin’s ‘bottom’ price that appears to be viral everywhere online.
As Fundstrat reported, even 54% of the institutional investors appear to be more bullish on Bitcoin (BTC) than the other members of the crypto community on Twitter. The results of this survey were first revealed to the public by Tom Lee, who is the head of research for the company in a live CNBC show on October 4th.
CRYPTO POLL (3 of 6 questions):
When do you think Bitcoin will bottom?
— Thomas Lee (@fundstrat) September 30, 2018
As Lee revealed, he surveyed 25 institutions and had 9,500 responses to a public Twitter poll that was conducted on September 30th – which led to the results that Wall Street is calling a bottom on Bitcoin.
What is also interesting is the fact that institutional investors are also bullish in regards to the growth of Bitcoin. As 57% of them said, the Bitcoin’s price is going to reach anywhere from $15,000 to “the moon” by the end of next year.
Meanwhile, the crypto community on Twitter appears to be less optimistic about Bitcoin. As 66% of the respondents who answered Lee’s Twitter poll have noted, Bitcoin can still drop lower than it is right now – and only 40% of them said that it is likely to reach $15,000 by 2019.
Lee, on the other hand, appears to be sticking to his earlier price predictions about Bitcoin and its potential to trade between $22,000 and $25,000 by the end of this year. However, he also made another optimistic prediction lately about Ethereum. Talking to Bloomberg, Lee said that ETH is about to see a “trend reversal and rally strongly” even up to $1,900 by the end of this year.
Tom Lee Predicts: Bitcoin Will Recover And Will Reach $15,000 By The End Of 2018
“But we believe the negative swing in sentiment is much worse than the fundamental implications.”Lee explained a few crypto-related events that were likely the cause of the recent drop in value on the entire crypto market that happened on November 14. More specifically, he believes that the recent Bitcoin Cash hard fork has really divided the community and that this event is a big contributor in boosting the uncertainty on the market which is responsible for the recent crash. The recent drop, three days ago, is the first major price movement among the major coins and for bitcoin in particular. Lee noted back in November that he was ‘’pleasantly surprised’’ by how stable bitcoin is. At this time he believed that Bitcoin has found its safe space at $6,000.
A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling
Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme
“There’s supposedly a limit on there, but where is it written in stone that can’t increase? And of course, the electricity that’s churned out by the miners trying to solve these algorithms is just extraordinary.”He dismissed bitcoin by calling it a black box which is a very complex investment model. Also, Shilling noted that he is very suspicious of many things that are clearly not transparent and said that it is not the best idea to invest in something if you don’t understand it. There are plenty of reasons why bitcoin fails as a currency such as not being a store of value, it’s also not a medium of exchange and it is still not accepted universally.
“All the requirements that you normally have for a currency, it just doesn’t have. The only legitimate use I can think of in bitcoin is off-the-books kinds of transactions, underworld transactions. I just don’t see a legitimate use. It is a game,’’ said Shilling.However, the younger generation of tech millionaires is extremely confident that bitcoin will eventually manage to toss aside all other currencies. Some of them even predict bitcoin to reach a price of $250,000.
‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
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