Venture Capitalist Bogart Thinks Bitcoins Institutional Strength Is Growing

Venture Capitalist Spencer Bogart, a partner at Blockchain Capital has recently spoken out about the institutional landscape within Bitcoin, suggesting that overall, institutional interest is getting stronger and is finally starting to gain traction.

For most of us, the consensus is that as institutional interest in cryptocurrency grows, two things will happen, firstly, values will shoot up and secondly, the adoption of Bitcoin and cryptocurrencies will become more likely. We see it like this, if large institutions start backing Bitcoin, the rest of us will follow suit too, that’s sort of the way society works at the moment anyway.

Bogart believes that this move towards true institutional adoption is now starting to gain traction and that soon enough, we will start to see huge levels of institutional interest in Bitcoin investment from large banks and large corporations, all of whom will have a lot of spare money to throw into the markets. This has been made clear through 2018 through the likes of the launch of Bakkt, and even interest from Nasdaq, Fidelity and the New York Stock Exchange to name but a few.

According to CCN, Bogart has said that a combination of a strong infrastructure within the industry, enhance security, investor protection, liquidity and compliance will start to encourage large scale institutional investment, stating that:

“Meanwhile, the institutionalization of the asset class and the ecosystem itself are only getting stronger. We’ve seen endowments like Yale, Harvard, and MIT move into the space. We’ve seen Nasdaq and Bakkt start to move into Bitcoin derivatives. We’ve seen qualified custodians move into this space. And lastly, and perhaps the most encouraging thing is the quality of the talent we’re seeing entering the space.”

When asked how far Bitcoin will climb in this instance, Bogart added:

“Could Bitcoin go to $50,000? absolutely. It doesn’t have the same kind of price to earnings that normally puts a kind of an upper bound or a ceiling on a typical kind of early stage technology company. So with Bitcoin, absolutely it can go that high. How long will that take? I’m not sure.”

Note that Bogart is not an investment adviser and that his words should not be taken as investment advice. If you do wish to invest in Bitcoin then please do so based on your own prior research, only invest what you can afford to lose. We hope Bogart is right and we do sort of agree, it’s clear that institutions are starting to pay a lot of interest to Bitcoin and hopefully, it won’t be long before the likes of Bakkt do start to encourage the first wave of big investment.