The year 2019 will be a year of price gains for cryptocurrencies, according to Fundstrat 2019 Outlook. Fundstrat states in the 2019 outlook that there are several indicators that suggest the year 2019 will be favorable for cryptocurrencies.
Tom Lee, a prominent Bitcoin bull and co-founder of Fundstrat has this to say about the report: ”We see 9 incremental improvements in the landscape that ultimately support higher prices.”
These improvements that may favor especially Bitcoin (BTC) according to the report is the expected fall of the U.S Dollar. Most countries of the world use the U.S Dollar as the cryptocurrency for making purchases internationally.
However as the U.S Dollar weakens, merchants are likely to turn to cryptocurrencies as means of payment and this will drive the price up, as well as an increase in the number of institutional investors as a result of expected ETF approval and new platforms such as Bakkt.
Fundstrat Global Advisors is a private research firm that guides institutional investors, wealth advisors, pension funds and high net worth individuals with research-based information on investment. The firm has been in existence since 2014 and has clients in over 16 countries making up about 70% of globally managed equity assets.
The firm’s report also blamed the Securities and Exchange Commission’s regulatory uncertainty for the delay in cryptocurrency market growth which it says will be recovered by the end of 2019 with an obvious price surge even though it may not be a mind-blowing recovery. The sudden crackdown on Initial Coin Offerings (ICOs) also reportedly contributed to the reversal of the industries progress in the last year.
The year 2019 was projected as a good year for 2019 by many analysts and industry experts including Tom Lee. with Fundstrat’s new report, more hope has been ignited and the crypto community, as well as investors, have something to look forward to. Although it is uncertain how early or late this will happen, the sudden surge within last weekend may be taken as an indication of things to come.
Most cryptocurrencies are still in the green at press time but like every other recovery, it is uncertain how long it will last. Best to keep fingers crossed and watch and see where it goes next.
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