Bitcoin’s Future: More New Highs Than New Lows in Store For Crypto
Cryptovest
Published Jul 27, 2018 04:06AM ET
Updated Jul 27, 2018 04:41AM ET
Bitcoin’s Future: More New Highs Than New Lows in Store For Crypto
One of the things the crypto space is not short of these days is people offering their two cents about what could move prices, especially Bitcoin’s, higher or lower. One observer of the space whose opinion does carry weight is Spencer Bogart, a partner at Blockchain Capital. When he speaks about the space, his comments make news, and such was the case this week when he talked about Bitcoin with panelists at CNBC.
He spoke specifically about the catalysts that could move BTC’s price higher, saying any number of them could send the crypto exploding higher.
h2 New highs/h2Bogart said he “definitely” expected to see new highs in Bitcoin’s price this year.
h2 Tough space to enter/h2
“I’ve said that I expected to see new lows before new highs. That low may already be in. Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher. Whether it be global currency wars, trade wars, ETF approval; I think any number of catalysts could send it higher.”
As of late, the crypto space has seen large, reputable companies trying to enter the space. This includes Mastercard, IBM (NYSE:IBM), JP Morgan, Intel (NASDAQ:INTC) and Walmart (NYSE:WMT). As reported this week, all of them had filed Blockchain-related patent applications with the U.S. Patent and Trademark Office (USPTO), and they were approved this month.
Specifically, Mastercard’s patent is to allow Bitcoin transactions on credit cards.
While many observers have said that such entry by Main street players is good for the crypto space because the moves further legitimize it, Bogart made an interesting point. He commented:
h2 SEC needs to make a move/h2“This is a very difficult space. The [crypto] space favors startups over entrenched incumbents like Mastercard.”
Bogart also commented about how institutions and retail investors are being exposed to the crypto space.
“Retail is getting exposure through Coinbase. Institutions are already getting exposure via companies like Bitwise Asset Management.”
Now, the key is getting the U.S. Securities and Exchange Commission to put its foot down when it comes to regulations, Bogart noted.
“The cat’s already out of the bag. Innovation is going elsewhere if the SEC doesn’t get on board soon.”
This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.