Last week, Bitcoin continued its bull run as it broke through the $8,000 price barrier and is currently priced at $8,137.50 as of 12:10 p.m. ET, but if a cryptocurrency head fund manager’s guess is correct, the run could still have legs.
Over a month ago, Spencer Bogart of Blockchain Capital was still bullish on Bitcoin despite dropping below $6,000. After reaching the $20,000 mark last December and then losing 60% of its market value, Bitcoin has rallied about 38% within the last month.
“When I look at something like Bitcoin, I’m very very constructive,” said Bogart. “And that’s because the mindshare–most people know about it and it has the distribution so we think about all the countries in the world, almost every major country has a fiat onramp.”
Increasing interest from investment giant BlackRock is continuing to fuel speculation as the world’s largest asset manager ($6.3 trillion in assets under management) is assembling a team tasked with finding opportunities within the cryptocurrency space.
In addition, the U.S. Securities and Exchange Commission (SEC) is deciding whether to approve a Bitcoin exchange-traded fund (ETF)–a request filed through the Chicago Board of Exchange (CBOE) by investment firm VanEck and blockchain platform SolidX. An approval of a Bitcoin ETF would allow reticent investors to purchase the cryptocurrency without using an exchange that lacks government oversight and regulation.
The cryptocurrency was able to shrug off the latest news regarding the SEC rejecting the application for a Bitcoin ETF by Winklevoss Capital Management founders Cameron and Tyler Winklevoss. In what could have been th first cryptocurrency ETF ever, the SEC did not agree with the Winklevoss’ premise that cryptocurrency markets are “uniquely resistant to manipulation.”
Related: SEC Rejects Winklevoss Bitcoin ETF
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