Crypto prices could fall further – Bogart
Crypto prices could fall further, according to industry guru Spencer Bogart – though he remains “super bullish on crypto right now”.
Speaking on CNBC, Bogart, general partner of Blockchain Capital’s venture funds, says the price of Bitcoin may dip further as crypto hedge funds caught up in last year’s bubble sell up.
“If we go back to the summer of 2017 when crypto prices were booming, there was about a 100, 200, maybe 300 new crypto-hedge funds that were formed,” he said, speaking on the network’s Fast Money.
“They are saying, hey, I want to redeem out of that fund. That means forced selling on behalf of all of these new crypto funds that might have popped up. I think that could take prices artificially lower.”
He said he also believed crypto prices were still overvalued.
The Bitcoin price has recovered after falling below $6,000 over the weekend – the last time it hit this price point was in February. Bitcoin is currently trading at $6,241 (17.00 BST 26 June 2018), according to CoinMarketCap.
Bogart has become something of an industry guru after authoring Wall Street’s first industry report on the potential of blockchain technology while vice-president at Needham’s.
Blockchain Capital is a pioneering venture capital firm focusing exclusively on the blockchain tech sector and crypto ecosystem.