Spencer Bogart Of Blockchain Capital Says Bitcoin (BTC) Price Is Close To Bottoming

Bitcoin is “close to bottoming” according to Spencer Bogart, a Partner at Blockchain Capital – a venture capital company that invests in blockchain related companies.

“We're down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market,” Bogart said Friday on CNBC's “Fast Money.”

Bogart added that the news flow regarding the cryptocurrency industry “is a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market.” Bogart said:

“Towards the end of last year, when we were at the peak of this bull market, bad news seemed to have no effect on the markets […] Now we are seeing the other side of that, when we have a week of news with TD [Ameritrade], Ric Edelman and Yale, and it has almost no effect on price.”

He is not the only one to have these sentiments. Major market players like the founder of crypto investment firm Galaxy Capital Management, Mike Novogratz. Novogratz said that digital currency prices hit a bottom last month. Speaking at the Beyond Blocks conference in South Korea in July, Novogratz also predicted that many institutions will enter the crypto industry “in the next two to three years.”

Cryptocurrency ecosystem has had an interesting week. On Wednesday, TD Ameritrade stated a strategic investment in an exchange called ErisX, which offers both bitcoin spot and futures trading. High-speed trading company Virtu Financial will also back the exchange. On Thursday, cryptocurrency index fund leader Bitwise Asset Management announced an investment from longtime financial advisor and billionaire Ric Edelman, who also joined the advisory board. And on Friday, David Swensen, who's known as Yale's Warren Buffett, made his first big bets on crypto, investing in two venture funds dedicated to cryptocurrency.

However, even with these positive news stories surrounding the crypto ecosystem, the price of Bitcoin hovered around $6,500 all week.