Since its all-time high in 2017, the cryptocurrency market capitalization has declined by $575 billion and the bitcoin price has declined by two-thirds since it peaked close to $20,000. However, the fund manager is of the opinion that things are about to change.
Spencer Bogart, the partner at cryptocurrency and blockchain venture firm blockchain Capital, foretold a bullish recovery for bitcoin and the general cryptocurrency market. He noted that the recent week’s growth in crypto-market could be the main reason why “Bitcoin is close to bottoming.”
The week started with TD Ameritrade, a stock brokerage giant, revealing last week a strategic investment in ErisX, a cryptocurrency spot and futures exchange. High-frequency trading firm Virtu Financial will also back the New York bitcoin company.
On Thursday, veteran financial advisor and billionaire Ric Edelman revealed his investment in Bitwise Asset Management, a recognized cryptocurrency index fund. On Friday, David Swensen, who manages Yale’s $29.4 billion endowments and has earned himself the nickname of Yale’s “Warren Buffet,” supposedly shared his employer’s portfolio by investing in two cryptocurrency funds operated by Andreessen Horowitz and Paradigm.
“Towards the end of last year, when we were at the peak of this bulls market, bad news seemed to have no effect on the markets […] Now we [see] the other side of that when we have a week of news with TD, Ric Edelman, and Yale, and it has almost no effect on price,” Bogart said.
The bitcoin analyst is confident that the crypto market will reverse at some point.