A recent survey by Fundstrat Global Advisors has revealed bullish sentiments among institutional investors in regards to the prospects of cryptocurrency performance during an economic recession.
INVESTORS SAY A RECESSION WILL BOOST CRYPTOCURRENCY PRICES
According to the results from the survey, as reported by MarketWatch, more than 70 percent of institutional investors believe that prices of cryptocurrencies will increase during a recession.
This result tallies with a similar survey, this time among Twitter users. In the Twitter poll, 59 percent of the responders believe that virtual currency prices will surge during an economic crisis.
In places like Venezuela and Iran, people have increasingly turned to Bitcoin and other digital coins to stave off the effects of economic upheavals. The price of Bitcoin has even hit premium levels in Venezuela in the past. Thus, it is perhaps not that much of a stretch for these institutions to imagine such occurrences on a global scale.
For eToro’s Mati Greenspan, a recession won’t necessarily cause an increase in virtual currency prices. Commenting on the matter, Greenspan said:
I don’t think it’s so binary. If we look over the past few years crypto have had a unique correlation with high-risk assets. They have risen as investors sought additional risk.
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