As bitcoin starts off 2018 continuing its volatile run with a dip below $15,000, one of the markets biggest bulls says that a $50,000 future for the cryptocurrency is highly probable.
Spencer Bogart, a partner with Blockchain Capital, said in an interview on CNBC that he expects digital currency to continue to perform as long as both retail and institutional investors dive in and stay put.
Focusing on the institutional side of the equation, Bogart indicated that “institutional ownership is still effectively zero percent, so there is a lot of room for upward movement here … The drawbridges for institutional pools of capital have just been lowered.” The bitcoin bull highlighted new derivative products, suggesting that institutional investors that want to play in the market will wait on the sidelines until they see this first round of products function, later evolving and maturing to “become a deep market.”
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