Spencer Bogart of cryptocurrency and blockchain venture firm Blockchain Capital mentioned in an interview with CNBC this Friday that he believes “Bitcoin is close to bottoming”. Bogart made his claim at CNBC’s Fast Money, led by Melissa Lee.
Fast Money, a daily show on CNBC, is focused on letting “Fast Money” traders break down the headlines to provide the best Wall Street insights. The show also invites industry experts on a daily basis to talk more about a certain topic. Yesterday, Spencer Bogart of cryptocurrency and blockchain venture firm Blockchain Capital, made an appearance on the show to talk about Bitcoin.
According to Bogart:
“Bitcoin is close to bottoming out, and once it rebounds, this week’s developments will fuel its climb. Bogart stated “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.”
During the show, CNBC reporter and news anchor Melissa Lee challenged Bogart’s claim that this week has been the “best week for crypto all year” despite the fact that there had been virtually no movement in the price of Bitcoin.
Bogart responded to Melissa Lee her comment saying:
“Look, towards the end of last year when we were in the peak of this bull market, bad news seemed to have no effect on the markets. And I’d say that now we’re seeing the other side of that, where we have a week of amazing news with TD [Ameritrade investing in new crypto exchange ErisX], Ric Edelman [joining Bitwise], and Yale [investing into a crypto fund], and it has almost no effect on price. But what I think is important that these are the important building blocks leading to more institutional capital into the space.”
Lee responded to Bogart by asking about the news that Yale started investing in crypto. Lee wanted to know from Bogart if it would not have been more bullish if David Swensen, the Chief Investment Officer at Yale University, had actually invested directly into some cryptocurrencies instead of funds that invest in crypto-related businesses.
“Absolutely! I definitely think that’s the next step that we’ll see endowments take is to go direct into the markets. But I think, for now, there’s a lot of uncertainty about what will be the winners, and so it makes more sense to deploy to a fund. And plus for a lot of them, they’re not quite ready to deal with some of the custodians and accountants that you’d otherwise want to see with something like an endowment.”
Bitcoin is currently up by a minor down 0.24 percent, hovering around $6600. Bitcoin briefly topped $19,000 in December, before losing more than half its value. After big crashes over the last 9 months, more and more analysts now believe Bitcoin is bottoming out.
See the interview with Spencer Bogart here: