One of Bitcoin’s biggest bulls sees a $50,000 future for Bitcoin in 2018.
Spencer Bogart, a partner at Blockchain Capital, thinks the controversial cryptocurrency will continue to perform, as long as both retail and institutional investors get involved and stay there.
On the institutional side, there is only room to move up, according to Bogart. And surveys show growing interest in Bitcoin ownership from retail investors, especially young ones.
“Institutional ownership is still effectively zero percent. There’s a lot of room for upward movement here,” Bogart said on CNBC’s “Fast Money.” “The drawbridges for institutional pools of capital have just been lowered.”
Bogart admits Bitcoin is still new, calling it a “bit of an exotic product for institutional investors,” but he is confident the popularity will eventually trickle down to these investors, even if they sit out a couple of rounds to focus on derivatives.