Investments from institutional investors is just trickling in. There is a lot more scope because the number of institutional investors is huge. Besides because institutional investors cannot invest without a mandate from their board, their investments are likely to be spread over a long period. Given this scenario, the timeline for the bull market could be longer than a year.

Meanwhile, concerted action taken by countries on a global scale to regulate and control cryptocurrencies could put a damper on the progress, but it is unlikely to hamper the progress unless countries proceed to ban cryptocurrencies on a global scale in concert, which is very unlikely given the ongoing developments.