Bitcoin Seen At $25000! Crypto Gets More Attractive as SEC Gets Aggressive, Investors Say
A crackdown by the US Securities and Exchange Commission and other watchdogs who have been investigating crypto's naughtiest companies is proving to be a boon for the industry, with market participants saying they're more likely to invest in the space following greater enforcement action.
Almost 60% of the 564 respondents to the latest MLIV Pulse survey indicated they viewed the recent spate of legal action in crypto as a positive sign for the asset class, whose trademark volatility has all but dissipated in recent months. Major interventions include the US regulatory investigations of bankrupt crypto firms Three Arrows Capital and Celsius Network, as well as an SEC probe into Yuga Labs, the creators of the Bored Ape collection of nonfungible tokens, or NFTs.
“I'm in the ‘yes' camp. As a professional investor, you need a regulated investment opportunity and it opens the doors for more professional investors to get involved in crypto, if it's more regulated,” said Chris Gaffney, president of world markets at TIAA Bank. “The more they can get crypto out of the Wild West and into traditional investing, the better off it's going to be.”
The sentiment extends to Bitcoin. Most investors were slightly more optimistic about the crypto than they were when asked in July. Almost half of respondents expect the world's largest cryptocurrency by market value to continue trading between $17,600 and $25,000 until the end of this year — a departure from this summer's sour outlook, when most said it was more likely to first drop to $10,000 than to climb to $30,000. To be fair, respondents this time had a broader menu of options to choose from than were available in the previous survey.
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