As the price of Bitcoin exceeded $8,000, sentiment in the crypto currency market has improved with regard to the medium-term trend, despite the recent setback that the Winklevoss brothers‘ Bitcoin ETF was rejected.
The Bitcoin Code Low Might Already Be In
Recently it became known that Mastercard has secured a patent for linking bank accounts and crypto currencies. Tom Lee, Fundstrat analyst, interpreted this as a bullish sign.
„I think something like the MasterCard messages are positive because they confirm the idea that digital money or blockchain-based money is a valid form of transaction.“
Spencer Bogart, a partner of venture capital firm Blockchain Capital, recently appeared at CNBC Fast Money to counter the positive sentiment surrounding the MasterCard news and stressed that there are other reasons why Bitcoin will continue to rise. Bogart, who spoke about the Mastercard patent, rather smiled at the news by saying the following:
„I think you’re doomed to failure if you think that IP and patents pave the way for success for Bitcoin Code for crypto currencies….. Look, I think that any of the incumbent operators will have a hard time in this room. It’s very difficult, it’s a dynamic space to focus on…
In line with industry leaders, Bogart spoke about Bitcoin’s recent rise and noted that he sees further signs of positive development.
„It is possible that we have seen the lows, (but) I definitely expect new highs. I mean, I think the previous times I was on the show, I said I’d expect new lows before new highs, but that low may already be reached.“
Bogart then quoted catalysts that could give Bitcoin a higher priority, namely global trade and currency wars and the forthcoming decision of the Bitcoin ETF.
Enthusiastic about the Bitcoin Profit
Spencer Bogart emphasized the importance of a SEC-approved Bitcoin ETF and that almost every crypto-enthusiast counts „tea leaves“ in the SEC’s judgment. The industry leader, who himself made a „tea leaf prediction,“ said he was seeking publication for the first crypto ETF in 2019 and expects regulators to take some time to reach a final verdict.
Like many ETF pessimists, it is likely that the SEC will cite consumer protection laws and detention issues as the main reasons for delaying Bitcoin Profit or rejecting an ETF supported by Bitcoin.
Nevertheless, Bogart explained that private and institutional investors are already entering the crypto industry through platforms such as Coinbase, which means that rejection by the SEC would be unjustified and unfounded due to the consumer risk.