‘Institutionalization of Bitcoin [BTC] is not a perfect solution’ – Spencer Bogart

Spencer Bogart, a partner at Blockchain Capital reasoned the undeniable relevance of Bitcoin in the new monetary society as reported by CNBC news in an interview. Bogart shared his views regarding the obstacles for the institutionalization of ‘Bitcoin investment’ and the future of Bitcoin. He questions the lack of the trading bureaus at the big banks and Goldman Sachs move in entering the Bitcoin game.

According to the interview, he believes Goldman Sachs entering the crypto-sphere is impactful. As reported he does not hope for a perfect solution as he says:

“I don’t think it’s a perfect solution that all of a sudden now, opens the floodgates to the institutionalization of bitcoin.”

He said that earlier the future contracts were about the promotion of ‘robust derivative products’. He continues saying that the trend is now changing as large banks like Goldman Sachs are discussing the introduction of trading desks. According to Spencer, Goldman Sachs won’t be a major influencing factor for other large Wallstreet Banks, as he believes the crypto-market is too large to be ignored.

Secondly, he proclaims that the banks will eventually end up hearing about the crypto-companies which are just 5 years old and yet enjoying high revenues.

He talks about the problem of blockchain custody as Goldman presently is planning to roll-out a trading desk. The trading platform will only be trading derivative products for now but in long term, they will end up trading the ‘underline product’ i.e. Bitcoin.

He estimates that the two main groups of Hodlers and non-hodlers are currently crafting the market. According to Spencer, gradually the number of people buying Bitcoin will be way more than people selling

Bogart is a partner at Blockchain capital, a firm that invests in other blockchain related companies. According to his LinkedIn profile, he’s known for conducting investments in research and analysis of FinTech companies.

Nier De, a Twitterati says:

“Nice, it was a good segment. I agree in my humble opinion that over the next couple years more people will buy $BTC then exit, therefore driving price.”

Josh, a crypto-analyst says:

“I support Spencer’s vision as BTC value is always gonna be pumping. This is truly the Nakamoto vision. HODLers are increasing. Love you HOLDers”

Rebeca, a Twitterati says:

“RBC, Scotia Bank, CIBC, TD Canada you all better be paying attention… Fighting this is not an option. You need to be forward thinking for the future. This is what the people want.”

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