The market cap of the digital currencies has decreased by 575 billion US dollars after recording is all-time best performance, and BTC price has decreased by 2/3 after its peak at almost 20,000 US dollars. Nevertheless, Spencer Bogart remains optimistic about the situation in the market and claims that the tables are about to turn sooner than some might expect.
Bogart is a partner at digital currency and blockchain venture company called Blockchain Capital. He forecasts a bull run for the world’s most dominant digital currency, as well as the remainder of the digital currency market. Bogart points that the advancement seen in the digital currency market over the previous weeks might explain why exactly BTC currency is approaching the bottom.
The week started with an announcement from TD Ameritrade, which is a colossal broker of stock that engages in a strategic financing in ErisX, a digital currency spot and futures exchange. Virtu Financial, a company trading on high frequencies, has also pledged to provide its help to the New York-based BTC company.
Subsequently, Ric Edelman, a seasoned financial advisor and billionaire, has revealed his contribution to the Bitwise Asset Management, a well-known digital currency index fund. And after that news, David Swensen, a person that manages almost 30 billion dollars’ worth of Yale’s endowments, has expanded his employer’s portfolio via contributing to a couple of digital currency funds operated by Andreessen Horowitz and Paradigm.
Bogart thinks that the digital currency market would not instantaneously display its reaction to all of these news and announcements, however, the inflow of capital from institutional financiers will serve as proof of the upcoming bullish movement being set in motion. Bogart’s opinion coincides with that of the 54% of respondents to the Fundstrat survey performed for the institutional investors, who are also of the opinion that BTC currency has already reached its bottom.