The cryptocurrency market has taken a decidedly bearish turn over the month of May, but one venture capitalist believes that only makes for a better buying opportunity — for Bitcoin, that is.
‘The Story Is Very Much Materializing’
Over the past few weeks, sellers have remained firmly in control of the cryptocurrency market — but venture capitalist Spencer Bogart claims current market conditions only make for a better buying opportunity.
On Friday, the Blockchain Capital partner told CNBC’s Fast Money that Bitcoin’s increased number of use cases, coupled with the massive amount of institutional interest, means the market leader is still worth investing in. He explained:
Every major bank is trying to do something in the space. Either they’re going to be offering bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk. A deeper institutionalization of bitcoin is overall positive.
Nevertheless, the dominant cryptocurrency by market capitalization has been hurting this month. After reaching highs of roughly $20,000 late last year, Bitcoin has fallen more than 50 percent in 2018 — and worries remain that the hemorrhaging is far from over. At the time of this writing, Bitcoin is trading at $7,220.00, with some analysts fearing prices below $6,000 are likely on their way…