John McAfee believes that the cryptocurrency bull market is coming. The well-known technology activist and Internet security experts believe that more and more institutional investors are entering the market.
Cryptocurrency will soar
In a tweet posted on Monday, McAfee urged traders to prepare for the next round of cryptocurrency price increases. His conclusion is based on the cash inflow from the influx of institutional investors.
He also said that as funds flow into the cryptocurrency market, the top ten coins will rise sharply. McAfee believes that as investors diversify their cryptocurrency trading portfolio, other competing currencies will also experience growth.
When challenged on Twitter as to the veracity of his claims, McAfee gave no basis for his declaration. Instead, the controversial crypto proponent told responders to “use their heads,” “check recent news on institutional investors,” and “apply reason.” Safe to say, this is another one of McAfee’s bold assertions, much like his famous 2017 prediction that “Bitcoin will be 500k in the year 2020.”
New Trends in Institutional Cryptocurrency Investment
While McAfee did not provide any backing for his claims, there is some merit to his position regarding the flurry of institutional interest in cryptos that have made the news in recent times. A few days ago, Coinbase launched four new products targeted at institutional cryptocurrency investors. Goldman Sachs is also making plans to open Bitcoin trading to large investors as well.
The most important consensus is that after parabolic growth in 2017, the crypto market is maturing. Since the beginning of 2018, the market value of the market has declined, dropping by 50% of the market value in February. According to a survey conducted by Fundstrat in April, 82% of institutional investors believe Bitcoin bottomed when it fell below $6,000 in April.
The admission of hedge funds should increase the legitimacy of cryptocurrencies. An important aspect of the new trend of investment in digital currency institutions is the establishment of credible custodial services. In the past few months, Nomura Securities issued an important statement at the New York Consensus Conference. They have made some progress in this regard with the cryptocurrency hardware wallet Ledger.
Yesterday McAfee posted another tweet called -The McAfee Short Term Predictions:
image: en.wikipedia.org, twitter