A survey by Fundstrat Global Advisors headed by Tom Lee has recently come to a conclusion that the cryptocurrency prices will augment during an economic recession worldwide. The Fundstrat research team conducted two surveys, one from the institutions and another one from the general crypto enthusiasts by way of social media (Twitter).
An online Twitter survey consisting of six questions was conducted between September 30 and October 3, which later received 9,500 responses. Out of total responses, 59 percent of users believed that the price will rise during such a situation.
Ten questions were sent to 25 institutions in which 72 percent (of the institutions) expressed their opinions that the cryptocurrency prices would rise when there is a global recession, whereas 28 percent denied the fact. The report also stated that if the responses from Twitter users were removed from the answers received from the institutions, the latter group was more confident related to the price rising during the economic slowdown.
In the countries like Iran and Venezuela, people have massively got into Bitcoin and other cryptocurrencies to hold them back during the adverse effects of economic downturn. People living in Venezuela have already experienced the same thing in the past when the Bitcoin price did hit premium levels earlier. The institutions have considered this kind of occurrences on a global scale and accordingly came to a conclusion that the price of the digital currency will certainly rise during such adverse situation, Bicoinist reported.
On the other hand, the majority of the institutions believe that Bitcoin price has already reached the bottom for the year and will considerably rise in 2019. Around 57 percent of the institutions expressed their opinions that they expect Bitcoin to climb up anywhere between $15,000 to “the moon” by the end of 2019, as reported by Toshi Times.
However, the cryptocurrency community over Twitter has shown a less optimistic stance over the Bitcoin prices. Around 66 percent of the respondents expressed their opinion that the value of Bitcoin can drop lower than it is currently.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]