On 25th July, CNBC FastMoney interviewed Spencer Bogart, the Co-Founder of the venture capital firm, Blockchain Capital.
In the interview, he was asked about the recent announcement of Mastercard that took place last week and whether it could be a driving force for cryptocurrencies. Bogart said that the only way to fail in cryptocurrencies is by believing that “IP and patents are going to be about the success”.
He further adds that, in general, many of the incumbents will have a hard time in space. Being very dynamic and difficult, investors need to be much focused. He says:
“A quintessential disruptive innovation that is going to favor start-ups over and kind of entrenched incumbents like MasterCard.”
Bogart was asked for his opinion on the recent ‘Bull Run’ on Bitcoin’s price as the last time they spoke, Bitcoin was in its lows. According to him, it was possible to have seen the lows but he is expecting to see new highs as well. He further explained:
“Bitcoin is a tinderbox, right now that is waiting for reasons to go a bit higher whether its global wars or trade wars, whether it is an ETF approval, etc. I think any number of catalysts can send Bitcoin exploding higher.”
Furthermore, the interviewer stated that the biggest hurdle faced by Bitcoin is the fact that the ETF approval is fast approaching especially when there are so many issues hovering above the ETF like the custodial issue. When asked about his opinion on the ETF approval by the SEC, Bogart said:
“the investors are reading tea leaves and trying to anticipate what regulators are going to do.”
On the other hand, he believes that retailing companies have already been exposed to Bitcoin companies like Coinbase and institutional investors are starting to get exposed to cryptocurrency through companies like Bitwise Asset Management. He further adds that Europe already has cryptocurrency ETPs [Exchange Traded Products] and its innovation would take place soon if the SEC does not get on board at the earliest.
Finally, the interviewer remarked that Blockchain Capital is already allocating across platforms and across tokens. A question was directed to Spencer asking “what would they consider to be the most exciting part of the space right now?” To this, Bogart said:
“The most exciting part about this space right now is actually in traditional equity start-ups from my point of view. There has been a lot of excitement in crypto and that is pushed up valuation to levels to we have been uncomfortable with as early stage of investors. So we have shifted our focus to traditional equity investments and finding great opportunities there.”
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