Friday was a good day for Bitcoin as the popular cryptocurrency registered a significant surge against the USD. In fact, Yale’s Warren Buffet also entered the crypto game, committing his investments in two serious firms venturing in the crypto business.
However, according to one Spencer Bogart, Bitcoin could be about to bottom out, meaning that the current price may very well be the lowest for the cryptocurrency. In such a case, that could mean that Bitcoin’s price could be headed for a major break out.
Spencer works at Blockchain Capital as a partner. Blockchain Capital is a firm that invests in cryptocurrencies and other blockchain-related ventures.
To support his point, Spencer pointed out that Bitcoin has already lost about 70% of its peak price, so it’s pretty certain that the price is bottoming out. The rest of the market would be expected to follow suit.
On Friday, Bitcoin made a move against the USD, surging about 0.21% to get to the highs of $6,641. The next day, Bitcoin’s market opened at $6,590 and closed at $6,561, making it a good week as the price has been generally swinging about the $6,600 mark.
As a matter of fact, the week has seen some good developments in terms of new entrants in the investment business. TD Ameritrade invested in ErisX, an exchange platform that offers futures trading and spot trading services.
The venture is supported by Virtu Financial, a high-speed trading company. Billionaire Ric Edelman also invested in a crypto index fund called Bitwise Asset Management, and that’s before Yale’s Warren Buffet entered the game on Friday.
David Swensen’s business acumen has earned him the nickname “Yale’s Warren Buffet,” and he proved it again on Friday when he decided to throw his weight behind two cryptocurrency venture funds. That was the first time that David invested in such a venture, and that means one thing: something is up in the crypto world. Could Bitcoin be about to go bullish?
However, the chairman of the Treasury Committee, Nicky Morgan, has a rather skeptical view of the crypto world and Bitcoin in particular. In his opinion, he terms the cryptocurrency as more of a gamble than an investment, saying that the lack of enough regulation and the volatile nature of the market present many risks to investors. Funnily, Nicky compares the crypto world to the “wild west.”
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