Content adapted from this Zerohedge.com article : [Source](http://www.zerohedge.com/news/2017-11-20/bitcoin-tops-8100-only-39-survey-respondents-say-its-bubble "Permalink to As Bitcoin Tops $8,200, Only 39% Of Survey Respondents Say It's A Bubble")

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Having first surged above $8000 overnight amid Zimbabwe's chaos, it appears uncertainty in the core of Europe has driven further demand for cryptocurrencu protection, sending **Bitcoin to a new record high of $8247 - up 50% from the 'Bitcoin Cash' crash weekend lows.**

![][1]

[_image courtesy of CoinTelegraph_][2]

[_As CoinTelegraph reports_][2], **the latest milestone for Bitcoin, which came following news the [first Bitcoin-to-Litecoin][3] Lightning Network 'atomic swap' successfully debuted,** caps its comeback after Bitcoin Cash volatility.

> [BTC][4] currently has a market cap of almost $134 bln against a cross-crypto combined cap of just under $240 bln, both numbers representing new records.
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> Bitcoin's dominance has also recovered over the past few days to top 56 percent of the market after struggling to maintain supremacy as BCH caused [considerable fluctuations][5].
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> BCH itself has come down off previous highs to languish around $1,200 - around 50 percent of its best prices. Staunch proponents of the Bitcoin fork as the 'real Bitcoin' are currently locked in a [forking battle][6] of their own as two strands of BCH emerged last week.
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> The product of a "malicious fork," Bitcoin Clashic now represents the original Bitcoin Cash or developers describe it, "Satoshi's true vision."

As major supporter Roger Ver's Bitcoin.com continues to point new users [towards BCH][7], however, **the Bitcoin community is coming out in increasing support of naive newcomers potentially unaware that BCH is not in fact Bitcoin**.

 

> Welcome to Bitcoin, newcomers! Here's your FAQ:
> 
> Q: Who should I trust?  
A: Nobody.
> 
> Q: When should I sell?  
A: Never.
> 
> Q: Is Bitcoin dying because ____?  
A: No.
> 
> Q: What have I gotten myself into?  
A: Nobody knows.
> 
> Q: How do I learn more?  
A: <https://t.co/POqNimM4uy>
> 
> — Jameson Lopp (@lopp) [November 19, 2017][8]

For once the rest of the crypto space is not being sold to fund Bitcoin buys...

![][9]

> **"The inflation in this thing is massive,"** Luke Hickmore, a senior investment manager at Aberdeen Standard Investments in London, said in an interview with Bloomberg TV.
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> **"When will it collapse? Who knows. It will cause a lot of pain."**

![][10]

But there are some traders who are noting the worrying **divergence between price action and volume in the latest surge**...

![][11]

> _**"I find it remarkable and somewhat frightening how, no matter how much Bitcoin is pummelled by sellers, it simply bounces back even stronger,"** _said Lukman Otunuga, an analyst at currency brokerage ForexTime Ltd._
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> _**"Will bitcoin hit $10,000 before year end? This is the question every investor is asking."**_

A recent survey by [Nicholas Colas at DataTrek Reserach, ][12]done in conjunction with Triad Securities Corp...

The results of our bitcoin survey are in! We got over 300 responses, and there are three key takeaways from the data.

> First, **less than half of respondents (39%) think bitcoin is a bubble.**
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> Second, there are still **plenty of fence sitters,** with more individuals who have considered a purchase than already invested.
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> Lastly, the **median estimate for where bitcoin will end the year is below where it trades today ($7,800)**. Apparently Santa Claus rallies haven't reached the crypto currency world just yet.

_**Here is a summary of the results and our comments:**_

**Question: _Where will bitcoin close the year (2017)?_**

* Average response: $7,381
* Median response: $7,800
* Standard Deviation of Responses: $2,555

**Our comments: As expected, we had a wide range of responses here.**Overall, the wisdom of this particular crowd says bitcoin may be range-bound through the end of the year. Still, with a standard deviation of $2,500, it could top $10,000 or drop close to $5,000 and still be within one sigma of the distribution.

**Question: _Where is bitcoin going?_**

* **This is a bubble – it must crash: 39.4%**
* Continue to rise at a much slower pace: 27.1%
* Value doubles in the next 6 months or sooner: 16.4%
* Don't know/no opinion: 17.0%

**Our comments: we were surprised the bubble response was less than 40% given widespread commentary in that direction and the age/experience of the respondents.** By age, at least, our survey takers has seen their fair share of bubbles. We were ready to see +70% responses indicate bitcoin's price is unsustainable. Less than 40% is, well, remarkable.

_**"Have you ever bought bitcoin or other crypto currencies?"**_

* Yes, but only in the last 6 months: 14.5%
* Yes, and I have been involved for +6 months: 16.7%
* No, never: 30.9%
* No, but I have considered it: 36.3%
* No, and I am unfamiliar with bitcoin/cryptos: 1.6%

**Our comments: there are still plenty of fence sitters here, with those who have considered purchasing (36%) outnumbering those that have bought (31%).** The big question is if they are waiting for a pullback, or further gains?

__**"Would you ever see bitcoin as a safe haven similar to gold?"**__

* **Yes: 40.7%**
* No: 42.9%
* Don't know, no opinion: 16.4%

**Our comments: this may be the most surprising finding of the survey.** Even with widely reported wallet hacks and other systematic challenges, 41% of respondents think bitcoin can become something akin to gold as an investment safe haven.

_**Do you see bitcoin as a hedge against monetary policy?**_

* Yes: 39.1%
* No: 43.2%
* Don't know/no opinion: 17.7%

**Our comments: almost as surprising as the gold question, these responses show a sizeable minority believe bitcoin's algorithm-driven limited supply can act as a non-correlated buffer against central bank policy.**

**Have you ever participated in an Initial Coin Offering or looked at such opportunities?**

* Yes, and I have invested: 7.9%
* No, but I have considered investing: 29.0%
* No, and I won't without more regulation: 14.8%
* No, and I have not looked at these offerings: 48.3%

**Our comments: over a third of respondents have looked at or invested in ICOs. **Not bad for a fund raising approach that is just a few years old. And over half might consider ICOs if/when the regulatory framework improves.

**If you look at ICOs, how do you assess these opportunities?**

* The three most popular answers, in order: Founders/Key Employees, Total Addressable Market, and Sector Addressed
* Less popular: Token type, Deal Pricing and Time to Market

**Our comments: no surprise here, with ICO investors looking at exactly the same issues as venture capitalists.**

**What is your level of confidence in current bitcoin custodial offerings?**

* High: 9.1%
* Medium: 29.7%
* Low: 25.9%
* Don't know/no opinion: 30.0%
* I prefer traditional custodians: 5.4%

**Our comments: this is a critical issue for institutional investors. **In order for crypto currencies to achieve true "Asset class" status, investor confidence in custodial solutions has to improve.

_**What is your level of confidence in crypto asset liquidity?**_

* High: 7.9%
* Medium: 39.7%
* Low: 31.2%
* Don't know/no opinion: 21.1%

**Our comments: same thoughts here as the previous point.** While respondents may feel marginally better about crypto liquidity, over half rate their confidence here as low or they just don't know enough to judge.

**Our final thoughts on the data presented:**

* **Institutional investors are taking bitcoin/cryptos seriously.** If you've ever run an in-depth survey, you know getting 300 responses is difficult. The fact that we got even more shows there is tremendous interest in bitcoin and crypto currencies.
* **Initial Coin Offerings are getting real attention as well.** Investors already understand the due diligence process here – it is the same as venture-stage investing. Custody and liquidity across the crypto space do need to improve, however.
* **A sizeable minority of respondents (39 – 40%) see bitcoin as a potential analog to physical gold, both as a safe haven and a hedge against mistakes in central bank monetary policy.** Until blockchain technology becomes more widespread, that is probably the best way to consider buyers' motivation for bitcoin.

[1]: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/19/20171120_btc3_0.jpg
[2]: https://cointelegraph.com/news/bitcoin-tops-8000-as-lightning-triumphs-and-cash-flounders
[3]: https://cointelegraph.com/news/first-btc-ltc-lightning-network-swap-completed-huge-potential
[4]: https://coinmarketcap.com/currencies/bitcoin/
[5]: https://cointelegraph.com/news/bitcoin-classic-shuts-down-as-staff-claim-bitcoin-cash-will-rule-in-6-months
[6]: https://cointelegraph.com/news/its-not-bitcoin-classic-or-bitcoin-cash-its-bitcoin-clashic
[7]: https://cointelegraph.com/news/roger-ver-declares-bitcoin-cash-to-be-true-bitcoin-market-forces-bring-more-attention
[8]: https://twitter.com/lopp/status/932350908461133825?ref_src=twsrc%5Etfw
[9]: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/19/20171120_btc2_0.jpg
[10]: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/19/20171120_btc_0.jpg
[11]: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/11/19/20171120_btc1_0.jpg
[12]: http://datatrekresearch.com/




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