Bitcoin Could Easily Hit $50,000 in 2018: Bogart – TheTradersWire

Bitcoin Could Easily Hit $50,000 in 2018: Bogart

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Bitcoin Could Easily Hit $50,000 in 2018: Bogart

By Shoshanna Delventhal | January 4, 2018 — 4:31 PM EST

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. (See also: Merrill Lynch Stopped Approving New Orders for Bitcoin Investment Trust in December.)

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.”

Looking to Millennials

Referencing a survey conducted by Harris Poll for Blockchain Capital, Bogart noted that while less than 2% of people in the U.S. own bitcoin, 19% say they are likely to buy it in the next five years. That would represent a 10-fold increase in adoption. Further, he emphasized that 32% of Millennials say they are likely to buy bitcoin in the next five years, suggesting that younger cohorts are often better indicators of future technology trends over older demographics. (See also: Avoid Bitcoin ‘Like the Plague’: Charlie Munger.)

Bogart concluded that he believes value will grow for cryptocurrencies like bitcoin, ethereum and litecoin as well as the blockchain 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,” said Bogart.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrency.

Published at Thu, 04 Jan 2018 21:31:00 +0000

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