Category Archives: 2017

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Spencer Bogart: Bitcoin Waiting for Trigger to Hit New Highs

Cryptocurrency hedge fund manager Spencer Bogart has weighed in on Bitcoin price speculation, saying he is waiting for any positive trigger to push the price of Bitcoin up.Featuring on CNBC’s Fast Money, Bogart shared that he has been encouraged by Bitcoin’s recent upward trend, believing that this will continue. He added that he thinks the pullback momentum has passed and he is now waiting for any catalyst to send it to new price highs. Bogart cited several possibilities for this including the current global currency and trade wars.

Foreseeing the US Securities and Exchange Commission’s (SEC) rejection of the Bitcoin exchange-traded fund (ETF), he noted that 2019 may be a more realistic time frame for this to happen. Despite this, Bogart sees several other vehicles already available for retail and institutional investors to enter the market, pointing out Coinbase’s exposure of retail companies, and firms such as Bitwise Asset Management’s outreach to institutional investors.

While naysayers may query specific price forecasts, predicting market swings is essential for investors looking to maximize profits.

Bitcoin has not surpassed USD 8,000 since May this year before it fell back to approximately USD 6,000. While many pundits have shared their expectations and predictions during this most recent upswing, Bitcoin’s valuation is still far from its top price of nearly USD 20,000 in December last year.

Calls for increased security

With many spectators such as Bogart sharing their price rise expectations, another rally is suspected to attract such bad actors as it did in 2017 when the number of hacks on cryptocurrency exchanges and sited increased sharply. While this is not surprising as the potential profits increase substantially for attackers, there has been a call for all investors to prioritize their security.

There is nothing to stop hackers from trying, but so long as investors and cryptocurrency service providers practice due diligence the majority of such attacks can be prevented, and it is indeed important to do so for the reputation of the industry.

 

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