Bitcoin is still a buy despite its continued losses, blockchain venture capitalist Spencer Bogart told CNBC. The digital currency's increased number of use cases is proof that the popular form of money is being institutionalized."Every major bank is trying to do something in the space," Bogart, a partner at Blockchain Capital, told CNBC's "Fast Money" on Friday.
"Either they're going to be offering bitcoin to their clients, they're working on a custody platform or they're opening up a trading desk," he added. "A deeper institutionalization of bitcoin is overall positive," he said.
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