In May, even as bitcoin continued to fall, Bogart said it was the only digital coin worth buying, as more banks and large institutions were beginning to accept the coin, and urged long-term investors to get on board.
Other cryptocurrencies, he said, were “over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them.” He said bitcoin, which was priced around $7,400 at the time, would likely go lower before hitting at least $10,000 by the end of 2018. The coin fell below $6,000 the following month.
On Wednesday, Bogart said bitcoin may have hit its bottom for the year, but that he was “definitely expecting to see new highs” and told investors to expect more regulatory approval of the space in the coming year.
“The cat’s already out of the bag,” Bogart said, adding that “innovation is going elsewhere if the SEC doesn’t get on board soon.”