Blockchain Capital partner Spencer Bogart compared Bitcoin[1] (BTC) to a “tinderbox” July 26, telling[2] CNBC prices could grow further due to multiple “catalysts.”
Speaking to CNBC[3]’s Fast Money, Bogart, who is regular commentator on the network and on cryptocurrency[4] social media, adopted a notably bullish tone compared to just weeks ago when Bitcoin was trading around $6,000.
“Any number of catalysts could send bitcoin exploding higher,” he forecast, adding:
“Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher.”
Bogart’s increasing optimism adds to a popular narrative in the cryptocurrency industry that has grown out of Bitcoin’s sudden price increase of over 33 percent[5] this month, the majority of which occurred over the past ten days.
At press time Thursday, BTC/USD traded around $8,233 according to Cointelegraph’s price index[6].
Like many commentators, Bogart highlighted potential regulatory approval of a Bitcoin exchange-traded fund (ETF)[7], geopolitical and macroeconomic “tensions” and continued interest in blockchain integration for payments from big business such as MasterCard in July[8].
Despite consensus building[9] that the ETF approval will have to wait until September or even longer[10], Bogart said the status quo could not continue infinitely.
“The cat’s out of the bag,” he continued to CNBC reporters, “[i]nnovation is going elsewhere if the SEC [U.S. Securities and Exchange Commission] doesn’t get on board soon.”
