Fundstrat founder Thomas Lee explicitly confirmed that the prediction of Bitcoin’s increase following the Consensus 2018 conference was very disappointing.
Consensus took place this week between May 14 and May 16 . We can say that Consensus has proved the interest that has increased by three times as much as the previous year and has been increasingly attracting attention to cryptocurency and blockchain technology. That’s why Thomas Lee figured out a rice in prices over the past week. Unfortunately this did not happen.
Week of Generally Positive News for Crypto
Lee explained on Twitter that Bitcoin and other cryptocurrencies reasons for not showing an increase in the same week as he had anticipated. Lee said some corporate companies took place during the conference carried a ” week of generally positive news for crypto” full of news and infrastructure developments adopted by technology.
Given that Bitcoin grew 1.35x last year between the 20th and 25th of May , the increase following the 2017 conference unfortunately did not occur at the 2018 conference. The last increase was $ 2,700 from the $ 2000 level and then stabilized at around $ 2,500 . This year, Bitcoin was facing a serious bear market (the decline in the markets) even without a conference, and during the week it could not recover, but went up and down about $ 8,200 .
Lee noted that cryptocurrencies are ” overhang of regulatory risk” ” and are losing blood because of a hostile combination of attitudes stemming from financial institutions. Lee, who had the opportunity to talk to the community during the conference to strengthen his belief;
“Conferences are chances for the community to gather in a centralized place and meet constituents new to the community, it seems natural that the combination of “sanity check” plus “new interest” should strengthen the crypto-community’s conviction.”
He cited the reasons why this aggregation did not turn into a “consensus sell-off ” situation. Institutional investors thinks that, even large partnerships have been provided, such as the announcement that the Japanese Nomura bank will work with Ledger and Global Advisors institutions on the protection and oversight of digital assets.
Institutional Regulators Need to Reach a Conclusion on Sanctions and Rules
Lee thinks that institutional regulators, such as the SEC, need to reach a conclusion on sanctions and rules, and that institutions need to make cultural purchases and partnerships by themselves. Lee also stated that ” “Blockchain: good, crypto: bad” thought structure must be broken in order to increase prices.
Stating that many institutional service providers and storage and surveillance solutions are driving the market and showing that it is progressing in the marketplace, Lee, however, has the following statements:
“It is obvious that crypto still faces significant internal resistance and hurdles within traditional financial institutions. In our many conversations with institutional investors/banks, we find that specific teams may be enthusiastically committed, but widespread internal acceptance of crypto/blockchain faces hurdles”
Lee added that a large part of the ongoing participation is also promising an event for financial institutions and organizations.
Many Institutions Look For “Next Bitcoin”
As pointed out by Lee, Zcash [ZEC ] was collecting cryptocurrency, which has risen significantly this week, as it is listed on the Gemini trading platform market operated by the Winklevoss twins. Consensus has provided a nice growth for this community.
Lee stated that Bitcoin will continue to remain one of the two largest options, with Ethereum , for large corporate business transactions, although Bitcoin has long been labeled boring and the search for “next bitcoin” by many institutions has begun.
Bitcoin News-Bitcoin Price Today
During the conference, Lee concluded:
“While there was not a Consensus bump, our conviction on cryptocurrencies strengthened during the conference.”