October 09, 2018 04:16:31
Bitseven.com - Bitcoin has lost two-thirds of its value since its $20,000 peak at the end of 2017 – but according to hedge fund manager Spencer Bogart, the original crypto coin is ‘close to bottoming’ and the bearish trend will reverse soon.
Bogart, who is a partner at cryptocurrency and blockchain venture firm Blockchain Capital, predicted a bull run for Bitcoin and the rest of the crypto market. Speaking for CNBC’s “Fast Money”, he commented on this week’s several news stories, saying they could be a catalyst for Bitcoin bottoming.
“Bitcoin is close to bottoming, and so is the rest of the crypto market,” said Bogart in the interview. “It is going to take a little bit of time, but each of this news items is a piece of kindle that we are going to throw into a future crypto bonfire when we have the next bull market.”
Later Bogart retweeted CNBC’s video of his interview, adding “I think we end the year with Bitcoin > $10k”.
This week, several investors and institutions announced their forays into the cryptosphere. Stock brokerage giant TD Ameritrade revealed a strategic investment in ErisX, a crypto futures exchange. Virtu Financial, a high-frequency trading firm, will also give support to the New York bitcoin firm.
On Thursday, Ric Edelman announced he is investing in renowned cryptocurrency index fund Bitwise Asset Management. Edelman said he believed a Bitcoin ETF to be ‘inevitable’, and criticized financial advisers for their ‘lack of understanding’ of the industry. On Friday, reports that Yale’s David Swensen is investing in two cryptocurrency funds surfaced.
Bogart claimed the effect of these investments would not be immediate, but the inbound institutional capital will serve as the foundation of the next bull run for crypto markets. According to a Fundstrat survey, 54 percent of institutional investors agree with Bogart and believe that Bitcoin has already bottomed out.