Fundstat’s Tom Lee is no stranger to cryptocurrencies.
Tom Lee of Fundstrat had famously said Bitcoin “could end the year explosively higher.” In fact, he says Bitcoin could rally as high as $25,000.
He called for Ethereum to rally to $1,900 by 2019.
Tom Lee Fundstrat Survey: Bitcoin Prices Already Bottomed
After plunging from $20,000 to nearly $6,000, some believe it already bottomed. In fact, according to the Tom Lee survey of 25 institutions, 54% say Bitcoin has bottomed.
In addition, institutions are also more bullish on prices. Up to 57% believe Bitcoin could rally anywhere from $15,000 to “the moon,” says CNBC.
However, even if institutions are a bit more bullish on the coin, they’ve been hesitant to jump.
Part of the reason for that is a great lack of trust. There’s no cryptocurrency regulation. There’s incessant volatility, and great lack of liquidity.
Two Catalysts for Bitcoin Trust
We could see greater confidence after two incredible news events.
One, the CIO of Yale’s $30 billion endowment, David Swensen just invested in Paradigm. In addition, the fund also invested in Andreessen Horowitz’s $300 million crypto fund.
Such a move is very likely to boost institutional confidence.
Two, the US SEC is reviewing the nine rejected Bitcoin ETFs. In fact, it’s ruling on the GraniteShares funds in late October 2018. Many traders are taking this as a sign of good news. It may very well mean the SEC could soon approve a Bitcoin ETF, which could fuel quite a rally.
Three, we have bullishness from the US SEC and the US CFTC.
For example, J. Christopher Giancarlo says it’s here to stay. “I think there is a future for them. I’m not sure they ever come to rival the dollar or other hard currencies,” he says, “but there’s a whole section of the world that really is hungry.”
Even the US SEC’s “Crypto Mom” Hester Peirce says the governing body should encourage innovation in cryptocurrency.
In short, all of the piece for cryptocurrency success are there. It’s only a matter of time before we see a greater amount of confidence and upside.
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