- The Fundstrat co-founder recently conducted a poll which revealed that a majority of the crypto investment community expected a new wave of FOMO to engulf the market when BTC crosses the $10k mark.
- Many experts believe that once Fidelity’s cryptocurrency trading desk goes live in the coming few weeks, the adoption of altcoins such as BTC, ETH will increase quite substantially within the United States.
As per a poll conducted by Fundstrat co-founder Tom Lee on Twitter recently, a majority of the respondents claimed that a wave of FOMO is all set to engulf the world once again after the flagship cryptocoin breaks past its all-important $10,000 barrier in the coming few weeks.
On the matter, we can see that Lee posed the following question to his followers:
“At what price will see FOMO from those who gloated about 90% crash in BTC?”
Within a span of just 48-72 hours more than 8000 people responded — with most of them claiming that once bitcoin crosses its all-important $10,000 resistance zone, naysayers will be forced to re-evaluate their positions/opinions and reconsider the utility of this sector once again.
At what price will see FOMO from those who gloated about 90% crash in $BTC?
Military term, SWAG (scientific wild-assed guess).
My SWAG is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever.
At what price do we see FOMO?
— Thomas Lee (@fundstrat) May 12, 2019
So What Does BTC’s Future Look Like?
Many of our readers may be well aware of Lee’s penchant for making outlandish claims time and again — especially in regards to the price of BTC. For example, he had predicted a couple of years back that by the end of 2018, Bitcoin would have scaled up to a price point of around $25,000. However, Lee has always been quick to accept responsibility and has even apologized for his mistaken predictions when called out on them.
With that being said, Lee’s recent poll does help in uncovering how the global investor community really feels about BTC and its recent price breakout. In regards to the matter, the Fundstrat topman has claimed that a number of different catalysts have helped push the price of bitcoin in an upward direction. Some of them include
- Increased blockchain adoption
- Improving blockchain tx volumes
- Positive technical indicators
Lastly, Lee is of the opinion that crypto adoption still has a long way to go in countries such as the United States, but smaller nations such as Venezuela, Turkey have now realized the true utility of altcoins — especially since their local currencies have devalued to a point of no return.
On the subject, he added:
“It’s real important for that to take place in U.S. for adoption because there’s a really well-established financial system. You have to remember that crypto is probably 70% a story outside the U.S.”
In closing out this piece, we need to highlight the fact that in the wake of big-name players such as Fidelity Investments entering the US crypto market, it appears as though more and more investors are finally warming up to this asset class.