Bitcoin May Reach $50,000 This Year
January 5, 2018
One of the biggest Bitcoins 'bulls' Spencer Bogart, who is a partner at Blockchain Capital, believes that the cryptocurrency will overcome the $ 50,000 mark this year. He believes than Bitcoin rate will grow as long as retail and institutional investors stay there and continue to trade in this market.
Bogart said on CNBC:
"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."
Yet he admits that Bitcoin is still a new and 'exotic product', he is confident that popularity of the cryptocurrency will eventually lure institutional investors:
"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 function. This is a first round of product set that's going to evolve and mature and eventually become a deep market."
Bogart backs his optimistic forecast about the future of Bitcoin with the fact that the cryptocurrency is attractive to younger people. Many surveys show that the millenials favor Bitcoin over stock markets.
The expert said:
"When I think about what are likely good indicators of future technology trends, I pick younger demographics over older demographics every time."