Fundstrat Global Advisors cofounder Tom Lee has revealed traditional finance strongly favors cryptocurrency after a personal survey convinced him “big money” will soon enter the market.
Lee: Results Are ‘Leading Indicator’ For Crypto Capital Influx
Uploading the results of a questionnaire he delivered to invitees of a small gathering April 23, Lee, who is famous for his positive Bitcoin price outlook, said the “small group” of institutional investors “believe BTC has bottomed.”
Attending were a crypto and traditional macro hedge funds, players Lee described as “long-only.”
“We see this as a leading indicator for inflows of big money into Crypto,” he commented.
Among the feedback from the funds was a 60/40 split against John McAfee’s prediction Bitcoin will hit $1 million by the end of 2020, while the most popular price zone for the end of this year was between $10,000 and $20,000 (53%).
82% consider BTC/USD has “bottomed out.”
CRYPTO: We hosted a small group of institutional investors on 4/23, mix of crypto and traditional macro HF/long-only. Results below. Key takeaway, institutions believe #BTC bottomed. We see this as a leading indicator for inflows of big money into Crypto pic.twitter.com/NybWPTZTg4
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) April 24, 2018
Out Of The Bag
Elsewhere, roughly two-thirds of those surveyed believe Ethereum will not be treated as a security by the US Securities and Exchange Commission (SEC), and 47% think further clarity on token classification will only come in 2019 at the earliest.
The idea of “big money” waiting to get into cryptocurrency continues to be a popular narrative this month.
A survey by Reuters revealed one in five finance firms were preparing an entry in 2018, with 70% – or around 55 firms – wanting to do so within the next three months.
While Lee continues his optimism, however, he made sure not to give the impression his idea of Bitcoin’s price potential was a blank slate.
On the topic of McAfee, he commented on social media that the $1 million figure did not constitute Fundstrat’s core belief.
“…We are not staking anything on that, but I think $1mm is possible… not our base case, but certainly possible,” he wrote.
What do you think about Fundstrat’s survey results? Let us know in the comments section below!
Images courtesy of Shutterstock, Twitter
