Experts: Bitcoin is Close to Reaching Bottom
October 8, 2018 1:11 pm
Spencer Bogart, Partner at blockchain venture firm Blockchain Capital, was recently a part of CNBC’s “Fast Money.” He stated that Bitcoin is getting close to the bottom and once it rebounds, this week’s development would climb.
Mr. Bogart stated that Bitcoin is down by about 70 percent. According to him, Bitcoin’s price is reaching the bottom. Bitcoin has hovered around $6,600 all week.
He continued by saying that towards the end of last year, when it was the bull market, bad news seemed to be active on the market. But on the other side, news with TD, Ric Edelman and Yale almost do not affect the price.
Bogart was also the former Bitcoin Analyst and Vice President at Needham. He called the developments important building blocks for leading more institutional capital into space.
He stated that according to him it might take a while, but each of these news items is a piece of kindling. We are going to throw these kindling on a future crypto bonfire when we have the next bull market.
Recently, Ricardo Reis, a hardware hacker from Spain, has built a vending machine that works on Lightning Network and provides the glass of Coke in exchange for Bitcoin.
The users should scan the QR code, and the device automatically receives and authorizes the Bitcoin payment in order to dispense a glass of cola. All these processes take place within a few seconds.