At the start of the year Blockchain Capital partner Spencer Bogart predicted that bitcoin’s price could rise to levels of up to $50,000 in 2018, over double its highest price in 2017.
Mr Bogart said the Bitcoin price will rise with the help of institutional investors. He told CNBC: “Institutional investors that want to play in this market, even if they do, they are going to wait a little bit and either dip their toes in the water or just wait on the sidelines until they see the products themselves function.”
Mr Bogart said he is most focused on Bitcoin in 2018. He said: “I can’t tell you exactly what’s going to happen with price and neither can anybody.
“But when I look out over the next 12 months, what I see is a significant supply and demand imbalance at the current price levels.