Bitcoin is close to bottoming with several positive news stories having almost no immediate effect on price, notes Spencer Bogart of cryptocurrency and blockchain venture firm Blockchain Capital. These developments will, however, help fuel the cryptocurrency’s inevitable comeback.
“We’re down about 70% from our highs, so I think that Bitcoin is close to bottoming and so is the rest of the market,” Bogart said on CNBC’s “Fast Money.”
“Towards the end of last year, when we were in the peak of this bull market, bad news seemed to have no effect on the markets … Now we are seeing the other side of that, when we have a week of news with TD, Ric Edelman and Yale, and it has almost no effect on price,” he added.
These developments are “important building blocks to leading more institutional capital into the space. I think it’s going to take a little bit of time, but each of these news items is a piece of [kindling] that we are going to throw onto a future crypto bonfire when we have the next bull market.”
TD, Ric Edelman and Yale
Bogart was referencing ErisX, a new regulated cryptocurrency exchange for spot and futures trading, securing an undisclosed investment from TD Ameritrade, the US-based online broker.
Ric Edelman, a top Wall Street advisor and Chairman of Edelman Financial Services, is now part of Bitwise and its efforts to bring more institutional investors into the Bitcoin space.
“I am bullish on it because Bitcoin is now 10 years old, it is a $200 billion market,” he said. “Clearly, it is here to stay. There are massive amounts of investment going into this space.”
Yale University, meanwhile, has invested in Paradigm, a cryptocurrency fund founded by Coinbase Co-founder Fred Ehrsam, former Sequoia Capital Partner Matt Huang, and Pantera Capital’s Charles Noyes.