FOMO: Institutional Interest Reigniting Cryptocurrency Boom

After months of watching major cryptocurrencies plunge from record highs, many are showing strong signs of life all over again. Bitcoin for example is now back above $8,000 after rallying more than 50% just over the last 30 days of trading.

Ethereum (ETH) is back above $250.  Ripple is nearing 41 cents.

But this may just be the start of something much bigger, especially as institutions show interest. 

In fact, according to Jeremy Allaire, CEO of Circle, a major cryptocurrency firm, the CME Group saw volume of $1 billion, which indicates that institutions have arrived in the space.

Even data from the Grayscale Bitcoin Trust (GBTC) is a strong indication of that. At the moment, only qualified investors can invest directly in GBTC, with a minimum investment of $50,000. Of those that were qualified, according to Grayscale, 80% of the investments came from institutional interest. 

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Even more impressive, according to a recent Fidelity survey, nearly half of institutional investors now believe that digital assets play a role in their portfolios. “We’ve been seeing steady growth and adoption in the industry, and prices are starting to get in line with the usage of bitcoin,” said Mati Greenspan, senior market analyst at eToro, as quoted by MarketWatch.

FOMO: The Fear of Missing Out

As institutions just begin to jump into the space, it’s likely to create FOMO.

It simply refers to the fear of missing out on a potentially profitable opportunity. No one wants to be left behind. Fear of missing out will make investments attractive, once said billionaire Michael Novogratz. In fact, it has already ignited FOMO among those who called for a demise.

We may soon see a pool of retail interest again, too.

All as global corporations look to establish cryptocurrency products and services. For example, TD Ameritrade is expected to support cryptocurrencies, which could open the door to millions of consumers that want to be a part of the crypto boom. 

Crypto Mom is Still Pushing for Progress from the U.S. SEC

Crypto Mom, Hester Peirce is fearful the cryptocurrency industry is being hindered by inaction from the U.S. SEC.

“We should not be trying to guide innovation, but we also should recognize that we cannot stop it and embrace the potential for positive change that innovation offers. Our silence is likely to simply push this innovation and any attendant economic growth into other jurisdictions that have done their work and provided clear guidelines for the market participants to follow,” she said, as quoted by Coin Telegraph.

Cryptocurrencies may have had a poor outing in 2018.

However, with interest from institutions, retail investors, and a strong advocate at the U.S. SEC, we may just see a return of the 2017 rally – with patience, of course.

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