Bitcoin Price a ‘Tinderbox’ Waiting to Go Higher, Says Spencer Bogart

A number of reasons could potentially cause Bitcoin (BTC) to surpass its previous all-time high according to Blockchain venture capitalist Spencer Bogart. The industry experts, sharing the beliefs of others alike, holds that the world’s largest cryptocurrency has found its 2018 bottom.

‘The Cat’s Already Out of the Bag’

Speaking to CNBC’s Fast Money July 25, Spencer Bogart, a partner at Blockchain Capital and known venture capitalist noted that Bitcoin 00 may have hit its lowest price for the year. He also remains entirely bullish, saying that he is “definitely expecting to see new highs” pending further regulatory clarity. Prominent investor Mike Novogratz also shared a similar opinion.

Bogart also shared his thoughts on the market in general, saying that other cryptocurrencies are “over-promising and under-delivering. Meanwhile, you have a few that are kind of excelling at their use-cases. Bitcoin is one of them.”

The venture capitalist prompted for quicker regulatory actions on behalf of the US Securities and Exchange Commission (SEC).

The cat’s already out of the bag… innovation is going elsewhere if the SEC doesn’t get on board soon.

Many Factors Can Cause Bitcoin Price to Skyrocket

Bogart also said that there are plenty of potential triggers for a substantial increase in the price of the first and foremost cryptocurrency.

Any number of catalysts could send bitcoin exploding higher… Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher.

According to the venture capitalist, these reasons could be Mastercard’s recent announcement of a new patent which could pave the way for bitcoin transactions on credit cards. Fundstrat’s Tom Lee also shared the same sentiment, attributing the recent increase in Bitcoin’s price to the wave of good news, amid other prominent factors such as favorable technical analysis.

TLDW: Bitcoin is and entrenched incumbents are ed https://t.co/79VuVS23zF

— Spencer Bogart (@CremeDeLaCrypto) July 25, 2018

Digital Currency Group’s Barry Silbert also found bullish signals in positive media, outlining:

When the chair of the Fed says negative things about Bitcoin, and Howard Marks says negative things about Bitcoin, and Ken Griffin says negative things about Bitcoin and Bitcoin doesn’t move, I think that’s a really bullish sign.

Another prominent catalyst for Bitcoin’s price increase, according to Bogart, could be an SEC-approved Bitcoin ETF. Arthur Hayes, CEO of cryptocurrency exchange BitMex reiterated on this fact, saying:

But we’re one positive regulatory decision away, [maybe] an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.

According to legal expert Jake Chervinsky, however, the SEC is unlikely to come up with a decision until early March 2019. He wrote:

The SEC can, and probably will, delay its decision on the VanEck/SolidX commodity-backed Bitcoin ETF until ~March 4th, 2019.

Industry experts are seemingly sharing the same positive sentiment – Bitcoin is set to appreciate in value and it’s just a matter of time.

Do you think Bitcoin is set to skyrocket, reaching new all-time highs, or will the largest cryptocurrency start to depreciate? Don’t hesitate to let us know in the comments below! 

Images courtesy of Shutterstock, Twitter