Bitcoin has had quite the year. It hasn’t all been good, with the digital currency dropping below the $6,000 price mark at the end of June. But recently Bitcoin has redeemed itself, witnessing strong gains over the last week. So that brings up the question of whether there are catalysts driving Bitcoin higher. If not now, could there be catalysts at a later date?
Spencer Bogart, the co-founder of Blockchain Capital, a venture capital firm, seems to think so.
Four Catalysts Driving Bitcoin Higher: According to Bogart
There is a better atmosphere in the crypto industry right now. For the first time in a while, people are looking at the BTC price and feeling hopeful, reminiscent. Erik Voorhees is one of these people.
Welcome back $8000 ? #bitcoin
— Erik Voorhees (@ErikVoorhees) July 24, 2018
But that doesn’t mean Bitcoin is where it should be, nor is it close to previous levels, like its high of $19,783.21, achieved in December of last year.
Spencer Bogart, a former Bitcoin analyst, recognizes this, and yet, he told CNBC on Wednesday that he still expects “to see new highs.”
But how? If people are edging away from Bitcoin and towards other cryptocurrencies, how will Bitcoin move higher than $9,000? $10,000? Well, according to Bogart, there are a few potential catalysts driving Bitcoin higher.
1. A Potential Bitcoin ETF
A few days ago, Bitwise announced that it had filed with the SEC for an ETF that would track less than a dozen cryptocurrencies, with one being Bitcoin.
Members of the company said that at the rate the market is moving, there’s a chance the SEC would “allow a crypto ETF onto the market.” (However, given recent light, this may still not be happening any time soon.)
2. Increasing Currency Rates
3. Mastercard’s New Patent
Earlier this month, Mastercard announced a new patent regarding Bitcoin transactions. As a result, consumers may one day be charging their purchases (coffee, shopping, travel, you name it!) on their credit cards using Bitcoin (BTC).
4. Global Trade Tensions
Bogart’s Overall Thoughts
Overall, Bogart considers Bitcoin to be a “tinderbox” at the moment. In his interview with CNBC, Bogart concluded that the Bitcoin (BTC) price is “waiting for reasons to go higher.”
Is he right, though? Both about the catalysts driving Bitcoin higher and that the currency is “waiting” to soar?
Bitcoin Price Today
At press time, Bitcoin is selling for $8,202.29, which puts BTC down 0.08% in the past twenty-four hours.
Featured image: annca via Pixabay