Institutional Investors Bullish on Bitcoin: Survey Reveals Price Could Reach $100,000

Bullet Points:
– A new survey reveals that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation.
– Nearly 90% of investors predict that the price of bitcoin will rise this year and 65% agree that it could reach $100,000 in the long term.
– The survey was conducted by Nickel Digital Asset Management and market research company Pureprofile this month, interviewing 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil.

An exciting new survey released by London-based investment manager Nickel Digital Asset Management reveals that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. Nickel is registered with the U.K. Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC).

The survey, which was commissioned by Nickel and conducted by market research company Pureprofile this month, interviewed 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil. The respondents collectively managed around $2.85 trillion in assets.

The results of the survey showed that nearly nine out of 10 professional investors predict that the price of bitcoin will rise this year. 23% of respondents forecasted that BTC will exceed $30,000 by the end of 2023. Perhaps more interestingly, 65% of institutional investors surveyed agreed that bitcoin could still hit $100,000 in the long term. Of these, 58% expect BTC to reach this price level within three to five years while 25% say it would take five or more years.

These findings demonstrate that institutional investors have a strong faith in the long-term potential of cryptocurrency, as well as the belief that the price of bitcoin will experience substantial growth in the near future. The survey also revealed that the majority of respondents had a positive outlook on bitcoin’s potential to reach new all-time highs in 2021.

This is the second survey conducted by Nickel Digital Asset Management this year. The first survey revealed that more than half of institutional investors had already allocated some of their portfolio towards cryptocurrency.

The results of this survey add to the growing consensus of institutional investor confidence in cryptocurrency as a viable and profitable asset class. With more investors showing an interest in bitcoin and other cryptocurrencies, the future of digital assets looks brighter than ever.

Switzerland Avoids Cryptocurrency Industry Crisis, Adds More Companies

• Switzerland appears to be relatively unaffected by the cryptocurrency industry crisis, with more companies settling in the country than leaving it.
• Data compiled by the venture capital firm CVVC shows that the Swiss Crypto Valley in the canton of Zug has approximately the same number of entities as in 2021.
• Major Swiss-registered companies that went under include FTX Europe and the crypto asset manager Covario, although other big names have not admitted to being severely impacted by the ongoing market volatility.

The cryptocurrency industry has been experiencing a tough few years, with investors, customers and companies all feeling the effects of the market downturn. While this has led to an overall loss of funds and jobs, it appears that Switzerland may have avoided the brunt of the crisis. According to research conducted by venture capital firm CVVC, the number of companies settling in the country has actually exceeded the number leaving it.

The Swiss Crypto Valley in the canton of Zug is home to around 1,135 entities, which employ 5,766 people. This is only around 4% less than before the crypto winter started, suggesting that Switzerland is weathering the storm better than other countries. The report also noted that 183 Swiss blockchain businesses went bust last year, but 190 startups and foreign companies opened new offices.

Most notably, the Swiss branch of U.K.-based crypto lender Nexo is being closely monitored after the company’s Bulgarian offices were searched. Other major Swiss-registered companies that went under include FTX Europe and the crypto asset manager Covario. However, none of the other big names have admitted to being severely impacted by the ongoing volatility in the sector.

It is not clear what has caused Switzerland to remain relatively unaffected by the cryptocurrency industry crisis, but it could be due to the country’s favorable attitude towards digital assets. It is also possible that the startups and foreign companies that set up offices in the country may have helped to cushion the blow, providing new jobs and opportunities for growth. Whatever the reason, it is encouraging to see that Switzerland has not been as badly affected as other countries, and may even be emerging from the crypto winter in a stronger position.

Gemini and Genesis Face SEC Action for Unregistered Securities Offerings

• The SEC has charged crypto exchange Gemini and crypto lender Genesis Global Capital, a subsidiary of Digital Currency Group (DCG), for the unregistered offer and sale of securities to retail investors.
• The SEC alleged that through this unregistered offering, Genesis and Gemini raised billions of dollars‘ worth of crypto assets from hundreds of thousands of investors.
• The two companies offered the Gemini Earn cryptocurrency lending program to retail investors between February 2021 and November 2022.

The United States Securities and Exchange Commission (SEC) has taken action against crypto exchange Gemini and crypto lender Genesis Global Capital, a subsidiary of Digital Currency Group (DCG). The SEC has accused the two companies of offering unregistered securities to retail investors through the Gemini Earn crypto asset lending program.

The SEC alleged that Genesis and Gemini have raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors through this unregistered offering. The two companies offered the Gemini Earn cryptocurrency lending program to retail investors between February 2021 and November 2022. According to the SEC, more than 50 crypto assets were eligible to be invested in the Gemini Earn program, including bitcoin, ether, USD Coin, and dogecoin.

The SEC further alleged that Gemini acted as the agent to facilitate the transaction between investors and Genesis. Investors would tender their crypto assets to Genesis, and Genesis would then exercise its discretion in how to use investors‘ crypto assets. The SEC noted that the investigation is ongoing.

In response to the SEC’s action, Tyler Winklevoss, the co-founder of Gemini, said that the regulator’s lawsuit was “super lame”. He further stated that Gemini has always “complied with all applicable laws” and that the SEC’s action will not impact its business. Winklevoss also noted that the SEC’s action is “very limited in scope” and that the company will continue to “operate business as usual.”

Crypto Market Surges: SHIB & ETC Hit Multi-Week Highs

• Shiba Inu (SHIB) hit a six-week high on Friday as the global crypto market cap surged.
• Ethereum Classic (ETC) also extended its recent gains, hitting a two-month high.
• Both tokens saw their 14-day relative strength indices move into overbought territory.

Friday was a big day for the cryptocurrency market, as the global crypto market cap surged and both Shiba Inu (SHIB) and Ethereum Classic (ETC) extended their recent gains.

Shiba Inu (SHIB) was one of the day’s top performers, with SHIB/USD racing to a six-week high of $0.000009711. This marked the meme coin’s highest level since December 5, when it traded as high as $0.00001016. The move came as Shiba inu climbed beyond a resistance level of $0.00000945 on the chart. In addition, the 14-day relative strength index (RSI) moved past a ceiling of its own at 68.00, with the index tracking at 71.74 at the time of writing.

Meanwhile, Ethereum Classic (ETC) also had a strong day, with ETC/USD rising to a two-month high of $21.76. This was less than 24 hours after the token hit a low of $20.02. Bulls appear to be attempting to take ETC back to its resistance level of $23.00, which it last reached back in November. However, this could prove difficult, as there is a resistance level of 67.00 on the RSI which hasn’t been broken since last August.

Overall, Friday was a positive day for the crypto market, with SHIB and ETC both rising to multi-week highs. However, it remains to be seen whether these gains can be sustained, as both tokens are now deep in overbought territory on their respective RSI indicators.

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