A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration.
Given Ruvic | Reuters
BTIG’s Julian Emanuel is keeping his $50,000 year-end target on bitcoin and says institutions were buyers of the cryptocurrency after its 30% price collapse.
Bitcoin was trading at about $40,000 in afternoon trading, after a wild ride that took it to $30,000, a 30% decline on the day.
Emanuel said when bitcoin hit bottom, there was interest in bitcoin from institutions that had a lower average entry point.
“The fact we’re bouncing off $30,000 as hard as we’re bouncing speaks to the fact that the institutional investors we are talking to continue to see this as a viable alternative in a diversified portfolio,” said Emanuel, BTIG head of equities and derivatives strategy.