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Chris Grisanti, chief equity strategist and regional president at Mai Capital Management, predicts that this will be a tough year for cryptocurrencies due to regulation. However, he expects established cryptocurrencies such as bitcoin and ether to “do well” once regulation comes into focus.
Cryptocurrency predictions from stock strategists
Chris Grisanti of Mai Capital Management shared his outlook for the cryptocurrency market in an interview with CNBC on Thursday. Grisanti, CFA, is Chief Equity Strategist and Regional President of Mai Capital Management, a wealth management firm that provides planning and investment advisory services.
Grisanti noted that encryption is “almost a victim of its own success,” elaborating:
I think it’s going to be a tougher year for cryptocurrencies… There will be calls from all over China, Europe and the US for regulation.
Still, the equity strategist believes some cryptocurrencies will emerge. “I do think there will be a great wind pick as well. I think more mature tokens like bitcoin and ethereum will do well after regulation comes into focus,” he described.
The strategist elaborates:
I think once regulation is in place, institutional investors will be more willing to think of Bitcoin as a currency rather than gold as a hedge against inflation and other things.
A recent survey by Nickel Digital Asset Management, a regulated European digital asset hedge fund manager, also revealed that institutional investors optimistic More regulation on the crypto industry.
Commenting on the U.S. Securities and Exchange Commission (SEC) being given more powers to regulate the crypto space, “73% of institutional investors and wealth managers believe this will have a positive impact on the prices of crypto and digital assets, 32% believe that It will have a very positive impact.”
What do you think of equity strategists’ forecasts? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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