Bitcoin was able to cross $8,500 this week. Though Bitcoin is back below $8,000 after Winklevoss twins’ Bitcoin ETF application was denied again, it is still apparent that many are quite optimistic regarding the future of cryptos and Bitcoin. Tom Lee of Fundstrat is among the key personalities that predict Bitcoin to surpass its all-time high.
He initially mentioned that Bitcoin’s price could go as high as $25,000 only to retract his first prediction to $22,000. Though he retracted his first prediction, it still goes to show that even experts are looking at the possibility that it could outdo its bullish run from last year.
If you will ask someone like Spencer Bogart who is a Blockchain Capital partner, he has compared Bitcoin to a tinderbox. He said that the price could go up given multiple catalysts.
He said that “Any number of catalysts could send bitcoin exploding higher”. He added that “Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher”.
His optimism is something that can be explained by the way Bitcoin price behaved especially this week. Bitcoin suddenly increased and even surpassed $8,500 at one point this week. Bogart pointed out different factors why Bitcoin is currently bullish. For instance, he highlighted the impending approval of Bitcoin ETFs, the political tension such as that of the US pulling out of the nuclear accord with Iran. And also, there’s the interest of big businesses to adopt cryptocurrencies.
MasterCard in July secured a patent that would link fiat bank accounts and digital currencies. According to Tom Lee, “I think something like the Mastercard news is positive because it’s really validating the idea that digital money or blockchain-based money is valid form of transactions”.
However, Bogart thinks that Mastercard won’t play that big of a role in the success of cryptocurrencies. He said that “I think that the way to fail in crypto is to think that IP and patents are going to be your path to success… Look, I think that any of the incumbents are going to have a hard time in this space. It is very difficult, it’s a dynamic space that you will have to be focused on. So I think it (blockchain/crypto) is a quintessential disruptive innovation that’s going to favor startups over entrenched incumbents like Mastercard”.
Though Tom Lee and Bogart may have a different opinion regarding Mastercard, both are bullish on Bitcoin. Bogart said that: “It’s possible that we’ve seen the lows, (but) I’m definitely expecting to see new highs. I mean listen, I think the prior times that I’ve been on the show I’ve said to expect to see new lows before new highs, but that low might already be in”.
Though Winklevoss’ ETF application was rejected, Bogart is quite enthusiastic about the CBOE-backed Bitcoin ETF. He stated that “everybody is reading tea leaves” regarding the possible verdict of SEC on this application. Though no one exactly knows the decision, Bogart is optimistic that 2019 will be the year we will be seeing crypto ETF considering that regulatory bodies will take their time to consider the pros and cons of this application.
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