Bitcoin is continuously losing money, but some people still think it’s a buy. In fact, Use of Bitcoin is increasing. Some institutions are popularizing this form of digital currency.
Spencer Bogart, a partner at Blockchain Capital told CNBC, “Every major bank is trying to do something in the space”. He further said, “Either they’re going to be offering bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk”. He further explained, “A deeper institutionalization of bitcoin is overall positive”.
Though Bitcoin is doing well now, it did better previously. Last year, Bitcoin price was around $19,500. Then, since the start of this year, the price went down as much 50%. Moreover, the regulatory crackdowns on cryptocurrency added fuel to the fire. Consequently, Bitcoin price fell beneath $8000.
“Over-promising and under-delivering. Meanwhile, you have a few that are kind of excelling at their use cases. Bitcoin is one of them”, as Bogart said.
About other cryptocurrencies, Bogart said to CNBC, “A lot of those tokens are overvalued. They could be go up significantly, but they also have significant headwind.”
He also said about the increase of the value of Bitcoin, “But when I look out over the next year, two years, I mean the story is very much materializing,”
“Could bitcoin trade lower? Certainly,” Bogart said. “But do I think it will be higher a year from now? Absolutely.”