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A recent survey carried out by Tom Lee, Fundstrat’s managing partner and head of research, showed a varied controversial stand between Twitter users who think cryptocurrencies still have more room to fall, and Wall Street institutions who believe the new virtual medium of exchange has hit rock bottom.
In the research, Tom Lee polled 25 institutions in a recent dinner and compared their responses to the answers of about 9,500 twitter users.
The survey showed that 44 percent of Twitter respondents think that the Bitcoin price has hit its low and 54 percent of institutions are of the opinion that Bitcoin has ‘bottomed’ already. Although many think institutions took an aggressive stand, they have been known to be more optimistic when it comes to calling a bottom, especially the more cautious ones.
When asked how high they think Bitcoin price can climb, the report showed an optimistic stand by Wall Street institutions and a less optimistic response from twitters respondents. 57 percent of the 25 institutions at the dinner are of the belief that by the end of 2019, the price of Bitcoin could rise anywhere from $15,000 to the moon while 40 percent of the 9,500 Twitter respondents think similarly.
Well, it is quite a controversial stand and Wall Street institutions have always been more hesitant to publicly jump into volatile asset class but I do think Bitcoin, which has attracted millions of crypto-investors across the globe and experienced a rapid rise of above 1,300 percent in 2017, still has more room to fall. Concerning the stability or rise in its price, I guess we just have to be optimistic as the price of the crypto-asset has crashed by more than 52 percent in 2018. The crypto-asset has struggled to bounce back to a $6,600 mark from its fall below $6, 500.
A major issue, which influences the current price range, is that there is no place to safely store the asset. This made a majority of the respondent in the Fundstrat survey think that central banks are the most important macro-factors influencing the rise and fall of the Bitcoin price.