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Crypto Twitter Is Less Bullish Than Institutional Investors on Bitcoin

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You might not know it by scrolling through your feed, but Crypto Twitter (CT) members are actually less convinced than institutional investors that Bitcoin (BTC) has bottomed out.

According to a recent survey by Fundstrat, the market research firm led by notable Bitcoin bull Tom Lee, 54% of institutions believe BTC has bottomed while only 44% of CT holds the same opinion.

At first pass, this might not make much sense given that institutions have dragged their feet in backing the emerging digital asset industry, but when you considered the major upcoming exchange launches (Bakkt, ErsiX, etc.), the future is looking a bit more optimistic for accredited investors.

“The majority of institutions think BTC has bottomed while the plurality of Twitter sees BTC bottoming in 2019. And Institutions see significantly greater upside to BTC prices by YE19. Given that institutional inflows likely increase strongly in 2019, we believe BTC will be the primary interest for institutional investors — hence, should meaningfully outperform,” states the report.

While CT and institutions might have differing opinions on the short-term outlook of Bitcoin, there is one thing that both groups can agree on: Ripple is confusing.

In fact, the survey showed that 46% of CT chose XRP as their favorite coin but 31% said the investment thesis made the “least sense.” Similarly, 28% of institutions said that XRP made the least sense but, notably, no institutions picked it as their favorite cryptocurrency.

READ  Nouriel Roubini: Central Bank Digital Currencies will Destroy Cryptocurrencies and Blockchain Technology

Nonetheless, Fundstrat concludes its survey with two major conclusions: institutional investor interest in Bitcoin should drive it to outperform and the lack of understanding and interest in XRP is a contrarian buy signal.

Related: Mike Novogratz Changes His 2018 Bitcoin Price Target, Yet Again

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.





coindesk.com

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