Bitcoin for a couple of days now has shown an impressive performance given that it was stuck around $3,400 for weeks. Needless to say, Spencer Bogart, Blockchain’s capital partner while on Bloomberg TV stated that Bitcoin never left, it has always been here. The cryptocurrency enthusiast also goes ahead to say that now is the best time to purchase the virtual asset.
Crypto Enthusiast is Bullish About Bitcoin’s Price
Spencer Bogart is bullish about bitcoin even though it suffered a major loss of over 80 percent from its $20,000 all-time high in December 2017. Bogart who spoke with Emily Chang and Mike McGlone, Bloomberg’s Intelligence was asked if the virtual asset’s price is reviving after its sharp decline. He responded by saying “Bitcoin never left, it’s always been here. So, is it back? It’s back.”
Emily Chang, on the other hand, wanted to know if bitcoin has hit its bottom yet, but Bogart said it’s hard to give an outright answer. He, however, pointed out that if anyone has plans to invest in bitcoin in the future, now is a good time to buy. Bogart also outlined that it will take the virtual asset sometime before it reaches a new all-time high.
In his opinion:
I still feel like there are still a few more regulatory shoes to drop, but for now, the entrepreneurial activity and the institutional interest in the space have not ceded with the price
Three Things Will Trigger Bitcoin’s High Demand
In the same vein, Bogart was quick to note that for bitcoin’s price to move towards its all-time high, it will have to be triggered by high demand. Likewise, three things will determine this bucket demand for the digital currency. These are the virtual asset’s view change, central banks and institutional investors, and tech demand.
In the first instance, Bogart outlined that the passage of time will help to change people’s opinion about bitcoin. That is, from being believed to be “scary and unknown” to a “trusted and proven” asset.
Central Banks and Institutions to Bring About Bitcoin’s Bucket Demand
Secondly, the cryptocurrency enthusiast believes that central banks and institutional investors can trigger bitcoin’s high demand. According to him, central banks and institutions that “value it as a non-sovereign digital asset with absolute scarcity” will bring about bitcoin’s bucket demand.
Finally, Bogart thinks that tech demand will lead to bitcoin’s demand. According to him, bitcoin is an open source programmable money. Therefore, this allows developers to build on its core network and bring about innovation.