Have we seen the bottom of bitcoin?
Many people think so. The market is swinging. The bears have left and have made room for the bulls. We have relationships with a lot of institutional investors that are vested in crypto. What are their thoughts on the market? They are all in agreement that we have seen the bottom of bitcoin for a while. I am sure you have seen all the hype about bitcoin hitting market records this year. It went as far as John McAfee stating he would bite his own Dick off if the market did not hit his magic number. We kind of hope it does, so he has to make the video!
There was also a survey done by Wall Street Strategist Fundstrat Global Advisors who are seeing the same thing. On 4/23 they hosted a group of institutional investors with a mix of crypto and traditional macro HF/long-only with the same results. The takeaway they came back with was the same as us. BTC has bottomed which means the marketcap is set to rise.
Institutional investors that have already invested in crypto assets and are long-term bullish on the industry believe that the Bitcoin price has already bottomed out and will end the year above where it is currently trading.
They said they found that 82% believed it had bottomed. Of that percentage 53% believe we will see the year end between $10,000 and $20,000. 41% thought we would see the new year ring in around $20,000 to $30,000. The remaining six percent think it will cap above $30,000. We are in agreement with the 41 percent. Our belief is that we will see it land between $20,000 and $30,000. We do think we will hit an all new time high this year. Remember the more money that comes into BTC then we will see an increase on Alt Coins as well.
40 percent think that McAfee will win his bet. $1 million by end of 2020. I do not foresee this but hey anything is possible. I would rather it does not so as stated above we will see what happens and if he is a man of his word.
The market cap to hit $1 million would obviously have to increase significantly. How does regulation play into this as well? There is a lot that is happening in the crypto world both good and bad. Only time will tell and we hope you are as excited as we are for this journey.
The other big question is when will the regulation hit. When can the SEC crack down? Will it be 2018 or beyond? The other thing we are waiting to see is who will be the first major bank to offer cryptocurrency trading for their institutional clients. Will it be Goldman Sachs? Here is to the rest of 2018.