Blockchain Capital partner Spencer Bogart compared Bitcoin (BTC) to a “tinderbox” July 26, telling CNBC prices could grow further due to multiple “catalysts.”
Speaking to CNBC’s Fast Money, Bogart, who is regular commentator on the network and on cryptocurrency social media, adopted a notably bullish tone compared to just weeks ago when Bitcoin was trading around $6,000.
“Any number of catalysts could send bitcoin exploding higher,” he forecast, adding:
“Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher.”
Bogart’s increasing optimism adds to a popular narrative in the cryptocurrency industry that has grown out of Bitcoin’s sudden price increase of over 33 percent this month, the majority of which occurred over the past ten days.
At press time Thursday, BTC/USD traded around $8,233 according to Cointelegraph’s price index.
Like many commentators, Bogart highlighted potential regulatory approval of a Bitcoin exchange-traded fund (ETF), geopolitical and macroeconomic “tensions” and continued interest in blockchain integration for payments from big business such as MasterCard in July.
Despite consensus building that the ETF approval will have to wait until September or even longer, Bogart said the status quo could not continue infinitely.
“The cat’s out of the bag,” he continued to CNBC reporters, “[i]nnovation is going elsewhere if the SEC [U.S. Securities and Exchange Commission] doesn’t get on board soon.”