As earlier mentioned by some analysts, the Security and Exchange Commission SEC is a major hindrance to cryptocurrency adoption especially among institutional investors. This opinion has been backed by a survey recently conducted by Fundstrat, a market research company.
The survey which involved institutional investors and members of the group “Crypto-Twitter” (CT) showed that 52% of institutional investors believe SEC is the single most important factor that discourages investors from investing in bitcoin. They also believe that other nations of the world will adopt the U.S’ stance on cryptocurrency.
Both institutions and CT agree on the key factors affecting Bitcoin market. Concerning price, the research showed 26% of institutional investors and 25% of CT believe the central bank is the major factor that influences bitcoin price.
The survey also revealed that both institutions are positive about the future of Bitcoin price as both parties agreed Bitcoin will go beyond $15000 with 40% of CT and 57% of institutional investors agreeing to this.
An earlier survey conducted by Fundstrat suggested that Bitcoin is likely to appreciate in case of recession. When asked about this, about 72% of institutional investors and 60% of CT agreed with the findings of the survey. Respondents from both parties also believe Bitcoin has bottomed and is on its way up.
The respondents also were optimistic that Bakkt, a recently launched Bitcoin adoption product will improve Bitcoin adoption. They also believe also believe Bitcoin will top the market in 2019, also choosing Tether, Tron and EOS as the worst performers in the future crypto market. In addition, institutional investors showed optimism that the approval of ETFs will significantly improve the market.
Meanwhile, the SEC is set to consider nine ETF applications before the end of October 2018. If some or all of the applications are approved, the market should greatly improve and possibly encourage institutional investors to patronise Bitcoin before the year ends.
This will be an important step towards reaching the predicted high prices for the asset before the end of the year and even beyond. This is evident from the fact that cryptocurrency adoption has increased this year despite the rough journey of the market in the year.
Blockchain adoption has also grown significantly in different industries and nations, suggesting that cryptocurrencies which are built on the technology will gain better acceptance to take care of payment issues in countries around the world.
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