Kraken’s VIP customers make optimistic Bitcoin price predictions

Octopus cryptocurrency exchange published the results a survey of the platform’s VIP customers in February, March 27th.

Despite the economic problems exacerbated by the global outbreak of the corona virus, the average price target for 2020 quoted by the exchange’s VIP customers was surprisingly high.

They estimated end-of-year prices at $ 22,866 for Bitcoin and $ 810 for Ethereum. Although it’s worth noting that Kraken’s survey was conducted before mid-March Collapse of the global market.

Among the respondents, 41% identified themselves as investors, 40% as traders and 15% as representatives of an institution. The last 5% included payment processors, crypto exchanges and miners.

The majority of respondents manage less than $ 10 million. Image: octopuses

“While 44% of respondents believe we are in a bull market, 34% are unsure and 22% believe we are in a bear market,” the survey said.

The crypto industry could see further investments this year. While only 36% of the survey participants raised capital in 2019, 49% expect this this year.

In addition to Bitcoin, Ethereum, Monero, XRP, Litecoin and Tezos were the five most popular altcoins among Krakens respondents. 54% of the survey participants were also confident that 2020 would mean another “old season”. Here the prices for altcoins rise compared to Bitcoin.

“Tether (USDT) was the overwhelming favorite (60.4%) among stablecoin users,” added the post, although 44.4% of respondents don’t use stablecoins at all.

Around half of those surveyed are also confident that the US stock exchange regulator will finally approve the launch of the first exchange-traded Bitcoin funds this year. So far, every Bitcoin ETF application has been delayed or withdrawn.

Companies like Bitwise, VanEck and SolidX have withdrawn their corresponding Bitcoin ETF proposals after long delays. The SEC wasn’t convinced that a “real” Bitcoin market existsdue to bloated market data.

Could Binance be on the way with Binance’s takeover of CoinMarketCap? It seems unlikely.