Spencer Bogart, CEO of Blockchain Capital, has restated his enthusiasm for Bitcoin, saying “it will be higher a year from now, absolutely” in an interview with CNBC.
Bogart, who previously told CNBC that a big reason behind this year’s massive bitcoin sell-offs is because people are trying to cover taxes, has downplayed the fact that Bitcoin has been witnessing the longest losing streak since September 2017. Instead, he said that while he does not know what is going to happen to Bitcoin price tomorrow, the fact that it has been institutionalized is what really matters.
“Every major bank is trying to do something in this space. Either they are offering Bitcoin to their clients, working on a custody platform or opening a trading desk,” he said. For example, Goldman Sachs already confirmed that it entered Bitcoin trading.
He also emphasized that conventional currencies, like USD, are experiencing crises all the time and yet we continue using them. Answering a question from a trader, Dan Nathan, who said that in the past a 50-60% Bitcoin sell-off was not considered to be a big deal, Bogart noted that the fact that no one rushes to write Bitcoin obituaries shows that it is here to stay: “People say we know Bitcoin is not going away.”
Bogart predicts that Bitcoin price at the end of the year will be above $10 000.
Concurrently, he is not a big believer when it comes to other tokens and is suspicious about ICOs occurring everywhere: “A lot of those tokens are overvalued, and ETH itself, the token of the Ethereum network, is used essentially as fuel to invest into these ICOs so it will present some headwinds to some like Ethereum.”
Continuing to comment on the future of Bitcoin, Nathan said that “it is actually not a bad thing that it is not back above $15 000” and that regulatory clarity and infrastructure “could set the next real bull trading for Bitcoin.”
It is noteworthy that his statement follows the recent disclosure of the Department of Justice initiative to investigate whether Bitcoin Price is being manipulated.
