Partner At Blockchain Capital Bets Heavily On Bitcoin, Predicts $50,000 figure in 2018
With both institutional and retail investors queueing up for getting a bite from the bitcoin cookie, Spencer Bogart partner at Blockchain Capital has announced that he is bullish about the controversial cryptocurrency crossing $50,000 mark in 2018. Bogart feels there is room only to move up in the institutional side. He has also sighted surveys which clearly reveal that bitcoin has carved out its niche amongst the young population as the best investment vehicle. Thus retail investment is bound to showcase exponential growth in the current fiscal. Bogart revealed during the Fast Money segment of CNBC that:
“Institutional ownership is still effectively zero percent. There’s a lot of room for upward movement here. The drawbridges for institutional pools of capital have just been lowered.”
Bogart refers to bitcoin as a “Bit of an exotic product for institutional investors” given its relatively nascent status but he is optimistic about its popularity spreading across these investors although they might not jump into the bandwagon immediately and focus on derivatives for some time.
Bogart was quoted as saying that:
“If institutional players want to play in this market, they’ll dip their toe in the water or wait on the sidelines to see if the products themselves functions. This is a first round of product set that’s going to evolve and mature and eventually become a deep market.”
He derives oodles of confidence from the fact that bitcoin holds terrific popularity amongst the millenials. He draws reference of a Harris Poll for Blockchain Capital which established the fact that 19% Americans including 32% of the millennial population shall choose the bitcoin mode of investment within the coming 5 years. He also added:
“When I think about what are likely good indicators of future technology trends, I pick younger demographics over older demographics every time,”
Pointing out at the blockchain versus bitcoin debate, Bogart emphasized that 2018 shall be a very important year for bitcoin. But since the long-term value shall have the final call on the verdict, he would continue investment in both.
“There’s certainly a thesis that suggests that a lot of the value accrues to the underlying protocols like bitcoin, ethereum, litecoin. But I think that there is a lot of value accruing to the businesses built on top of these networks. The Ripples of the world, the Coinbases of the world, are worth a significant amount of capital right now.” –says Spencer