The Partner at Blockchain Capital, a venture capital company that invests in blockchain related companies, Spencer Bogart continues his bullish beliefs related to Bitcoin and its prices.
While the tumbling price point of the foremost cryptocurrency is silencing many of its believers who predicting it would not bottom this low. However, Bogart claims that ‘Bitcoin is close to bottoming‘, when he appeared on CNBC’s “Fast Money”, on Friday.
“We’re down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market,”
He adds that current speculations and news flow regarding the cryptocurrency industry “is a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market.” He points out:
“Towards the end of last year, when we were at the peak of this bull market, bad news seemed to have no effect on the markets […] Now we are seeing the other side of that, when we have a week of news with TD [Ameritrade], Ric Edelman and Yale, and it has almost no effect on price.”
Mike Novogratz, the founder of crypto investment firm Galaxy Capital Management pronounced the same sentiment when he spoke on Beyond Blocks conference in South Korea in July. Moreover, he predicted that crypto industry “in the next two to three years,” will witness major institutions in its eco-system.
Last week has been quite eventful for cryptocurrency as a whole and almost all of the eventfulness marks the path towards mainstream adoption. It started off with the announcement of ErisX, a strategic investment in an exchange by TD Ameritrade, and on Friday, none other than Yale, lead by David Swensen, reportedly jumped upon the cryptocurrency wagon by investing in two venture funds dedicated to cryptocurrency. However, these positive indicators could not dull the bearish stance surrounding the crypto ecosystem.
Read more: A Fundstrat Survey Suggests That Institutions Favor Bitcoin More Than Retail Investors
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