Spencer Bogart, partner at Blockchain Capital, recently appeared in an interview to speak about the state of the cryptocurrency market. While doing so, he also predicted that the price of Bitcoin [BTC] would reach a bottom soon.
Calling the past week one of the “best weeks” for cryptocurrencies, Bogart spoke about the general state of developments in the space. Over the past week, cryptocurrencies have seen interesting developments in the area of adoption.
This included events such as TD Ameritrade, a prominent trading platform, investing in a cryptocurrency exchange known as ErisX. Other events included Yale University’s CIO David Swensen investing in Andreessen Horowitz’s cryptocurrency fund.
Bogart spoke about this in particular, stating that the next step in such investments will directly go into the market as opposed to entries from funds. He also spoke about the uncertainty of who was going to a “winner” in the cryptocurrency markets, causing investors to be hesitant. He stated:
“It makes a lot more sense to deploy to the funds plus for a lot of them they are not quite yet to deal with some of the service providers, [like] some of the custodians and accountants that you would otherwise want to see with something like an endowment.”
On why he thought this was the best week for the markets, he drew on points from last year’s bull market. He went on to say:
“Sure I’d say its a function of the market. I think its important cause these are the building blocks to leading more institutional capital into the space.”
The price of Bitcoin has been moving in a tightly concentrated spread over the past week, not moving above the $6600 mark. Bogart also spoke about this event, stating that the news does not move the price by a lot. He stated:
“Towards the end of last year when we were in the peak of the bull market, bad news seemed to have no effect on the market. Now we’re seeing the other side of that. We have a lot of amazing news and it has almost no effect on price.”
On the price of Bitcoin potentially finding a bottom for the next movement upwards, Bogart stated that the coin was 70% down from its highs. He also stated that he thought that it was close to the bottom, along with the rest of the cryptocurrency market. Bogart said that it was going to take some time, going on to state:
“Each of these news items is a piece of kindle that we’re going to throw on to a a crypto-bonfire when we have the next bull market.”
Bogart also provided insights into the venture capitalist world for the cryptocurrency market, stating that those markets are lagging the public ones by “just a couple of months”. Moreover, he stated:
“I’d say its still occurring today and I’d expect for those to continue coming down for the next six months or so.”
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