The crypto world just had its best news week of the year, according to Spencer Bogart, partner at crypto-focused investment firm Blockchain Capital. So why has the price barely moved?
“It’s a function of the market,” Bogart said, appearing on CNBC’s Fast Money. “Towards the end of last year, when we were in the peak of this bull market, bad news seemed to have no effect on the markets. Now we’re seeing the other side of that, where we have a week of amazing news with TD, Ric Edelmen and Yale, and it has almost no effect on price.”
In the past week, the crypto market has seen legendary Wall Street investor Ric Edelman invest in Bitwise, a cryptocurrency index fund; David Swensen, chief investment officer of Yale University’s Investments Office, has invested in two cryptocurrency funds; and TD Ameritrade just backed a new crypto exchange, ErisX, which offers both spot and futures trading.
Despite the price of Bitcoin hovering around $6,600, Bogart claims, “These are the important building blocks to leading more institutional capital into the space.”
On Friday, Bogart tweeted that he believes Bitcoin will end the year above $10,000.
I think we end the year with Bitcoin > $10k https://t.co/8kmKVXverd
— Spencer Bogart (@CremeDeLaCrypto) October 5, 2018
“I think it’s going to take a little bit of time but each of these news items is a piece of kindle that we’re going to throw onto a future crypto bonfire when we have the next bull market.”
“We’re down about 70% from our highs, so I think that Bitcoin is close to bottoming out, and so is the rest of the market.”