One of the things the crypto space is not short of these days is people offering their two cents about what could move prices, especially Bitcoin’s, higher or lower. One observer of the space whose opinion does carry weight is Spencer Bogart, a partner at Blockchain Capital. When he speaks about the space, his comments make news, and such was the case this week when he talked about Bitcoin with panelists at CNBC.
He spoke specifically about the catalysts that could move BTC’s price higher, saying any number of them could send the crypto exploding higher.
Bogart said he “definitely” expected to see new highs in Bitcoin’s price this year.
“I’ve said that I expected to see new lows before new highs. That low may already be in. Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher. Whether it be global currency wars, trade wars, ETF approval; I think any number of catalysts could send it higher.”
Tough space to enter
As of late, the crypto space has seen large, reputable companies trying to enter the space. This includes Mastercard, IBM, JP Morgan, Intel and Walmart. As reported this week, all of them had filed Blockchain-related patent applications with the U.S. Patent and Trademark Office (USPTO), and they were approved this month.
Specifically, Mastercard’s patent is to allow Bitcoin transactions on credit cards.
While many observers have said that such entry by Main street players is good for the crypto space because the moves further legitimize it, Bogart made an interesting point. He commented:
“This is a very difficult space. The [crypto] space favors startups over entrenched incumbents like Mastercard.”
SEC needs to make a move
Bogart also commented about how institutions and retail investors are being exposed to the crypto space.
“Retail is getting exposure through Coinbase. Institutions are already getting exposure via companies like Bitwise Asset Management.”
Now, the key is getting the U.S. Securities and Exchange Commission to put its foot down when it comes to regulations, Bogart noted.
“The cat’s already out of the bag. Innovation is going elsewhere if the SEC doesn’t get on board soon.”