Spencer Bogart, from Blockchain Capital: Bitcoin could go to $50,000

18 Dec, 2018 | Updated: 18 Dec, 2018
by Alberto Arnaldo
Opinion
Spencer Bogart, from Blockchain Capital: Bitcoin could go to $50,000

On an interview at CNBC Fast Money traders, Spencer Bogart, partner at Blockchcain Capital and former Bitcoin analyst and VP at Needham & Co., reflected on his past forecasts and also gave some hints on what he expects for the months to come.

Despite the 82% fall from all-time highs, and his previous prediction of Bitcoin reaching $50,000 a coin by the end of 2018 missing the spot by quite a bit, Spencer Bogart still remains positive that this mark can be reached.

He said that ceilings that normally apply to most tech companies do not have an effect on Bitcoin. However, Bogart did not put a time limit on his prediction this time. He even assured that lower prices could still be achieved, around the margin of $1,000 to $2,000.

Bogart assured that the large presence of retail investors in Bitcoin is what is causing the large price shifts, as bulls market go a bit too high and bears go too low. However, his balance of the year remains very positive taking into account the developments in infrastructure, regulation and the incipient presence of the institutional sector. Bogart also highlights the growing number of cryptocurrency related jobs as a sign of health in the sector.

Read more: Bitcoin has "gigantic opportunities" in store, says Spencer BogartBTC is "a serial killer": Pantera CEO on the future of crypto

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