There is a huge uproar in the market after Mr. Spencer Bogart, came up with his hypothesis that this digital cryptocurrency Bitcoin might reach the level of $ 50000 in the year 2018. Spencer Bogart is a partner of the Blockchain Capital which is one of the founding capital providers behind this cryptocurrency. He is of the view that this new age digital cryptocurrency shall keep on performing and battering its value till the point vendors and merchants over the world keep on accepting it as a valid method of payment.
If we see the ongoing cryptocurrency phenomena from the point of view of institutionalization we shall find out that there is no room for the Bitcoin to fall and it can only steadily move up. All recent surveys suggest that people are hugely investing in Bitcoins during the ongoing gala period in the world of cryptocurrency mania and a considerable majority among the user belong to youngsters.
Bogart in an interview on CNBC's television show espoused his views by demonstrating that there is almost negligible percentage of institutional backing to the Bitcoin and still there is such great upheaval. There is sufficient space and vacuum in the market for the Bitcoin to erupt in a forward fashion as institutionalized pools start pouring in capitals in the Bitcoin.
However, he has admitted that Bitcoin mining concept is quite new and could become in future a lavish product for the institutional investment firms. He has shown confident in his hypothesis that howsoever late yet the mining concept of Bitcoin as well as trading shall reach the institutional investors earlier or late. Institutional investors have a whole world to win in case of cryptocurrencies particularly in Bitcoin if they focus on some of the derivatives or the utilities of the Bitcoin. For testing of water they need to dip a bit of their finger into the waters or they have the choice to remain on the shore to let the products demonstrate themselves the functionalities they have.
The major reason why Bogart is so confident is because of the recent surveys results which shows that younger people are more interested in Bitcoins. The survey results also demonstrate that 32% of Americans say that they would be investing in cryptocurrency in the coming 5 years. He says that the future lies with the younger generation and one always place stakes based upon the demographic dividend the younger people pose.