Fundstrat Survey: Views of Institutional Investors on Bitcoin and XRP

Siamak Masnavi

Recently, Fundstrat Global Advisors conducted a survey during a dinner with 25 institutional investors. There were ten questions, most of which were about the crypto market. The results were published in a report called "Survey Results: Institutions vs Crypto Twitter" that Fundstat's Global Head of Research, Thomas Lee, was kind of enough to make available via Twitter. This article focuses on the results of the survey so far as they relate to Bitcoin and XRP.

For each of the four questions below, we first present the institutional response, and then contrast it with how the Crypto-Twitter community responded.

When and at What Price Will Bitcoin Bottom?

Of the 24 institutions that responded, 54% said that Bitcoin had bottomed already.

For the remaining 46%, the minimum, maximum, median, and average figures were $3,252; $5,300; $4,400; and $4,350. The average date given for when Bitcoin woud bottom was March 2019.

Crypto-Twitter's Response:

twitter response 1.png

Where Is Bitcoin’s USD Price by YE 2018 and YE 2019?

Please note that this question was asked at a time when the Bitcoin price was around $6,700.

Of the 21 institutions that responded, the results for YE 2018 and YE 2019 were as follows:

  • YE 2018: the minimum, maximum, median, and average figures were $4,000; $20,000; $8,000; and $8,456.
  • YE 2019: the minimum, maximum, median, and average figures were $4,300; $50,000; $16,400; and $18,162. It should be noted that 57% expected the BTC price to be over $15,000 by the end of next year.

Crypto-Twitter's response:

twitter response 1.png

Which Top 15 Tokens Will Be the Best and Worst Performing in 2019?

Of the 23 institutions that responded:

  • Best performing token: the top three answers were Bitcoin (59%); EOS (18%); and Ether (8%).
  • Worst performing token: the top three answers were Tether (23%); Tronix (18%); and EOS (12%).

It is interesting to note that institutions overwhelmingly voted for Bitcoin as the cryptocurrency they expect to do the best in 2019; in contrast, not even one of the institutions in the survey picked XRP as their favorite token for 2019.

Crypto-Twitter's response: the top two answers were XRP (46%); Bitcoin (31%); and Ether (15%).

Which Top 15 Token Has the Investment Thesis That Makes the Least Sense?

Of the 18 institutions that responded, the top three answers were: XRP (28%); Bitcoin (17%); and Tronix (11%).

Crypto-Twitter's response: 

twitter response 3.png

 

Featured Image Courtesy of Fundstrat