As a proven crypto-market expert, Wall Street trader and venture capitalist, Spencer Bogart knows a thing or two about investments and when to make them. It is reassuring therefore to hear him say that despite its recent steady value slump, investors still need to buy plenty of Bitcoin, but sell everything else!
Despite the post-Consensus Conference sales slump that has rocked the crypto market, and the fact that Bitcoin itself has been on a three-week losing streak, some very knowledgeable individuals haven’t quite given up on digital currency, BTC in particular. Blockchain Capital Senior Partner Spencer Bogart believes that no matter how bad things might bet, there is one currency that will never lose its shine – Bitcoin.
In fact, Bogart believes that investors should sell their alternative crypto coins (alt-coins) and put all of their capital into Bitcoin, especially while its current value is as low as it is. What’s more, Bogart believes that the price of Bitcoin will easily exceed $10,000 by the end of the year.
Spencer Bogart – Bitcoin Bull
Much like the first boxing journalist to write about MMA, Bogart was the first Wall Street analyst to talk about bitcoin and blockchain in a positive manner. He once wrote a blockchain industry report and was highly praised. Because of his knowledge of the crypto market, Bogart is a regular on the business and finance networks, and made his most recent Bitcoin rallying statement this week on CNBC.
He is critics would probably describe Bogart as a “Bitcoin Bull”, i.e., somebody who is especially bullish about Bitcoin, even when it is underperforming. But he always backs up his predictions with facts. Bogart kicked off his interview earlier this week on CNBC by stating Bitcoin was still right on track for success:
“The long term thesis is very much intact. As for what’s gonna happen in the next couple of days, I don’t know. But when I look out over the next year, two years, the story is very much materializing. The institutionalization of bitcoin is absolutely occurring. That was very evident to anybody who was circulating around blockchain week in New York. Every major bank is trying to do something in this space, either they’re going to be offering bitcoin to their clients, they’re looking at a custody platform, or their opening up a trading desk. That’s absolutely taking place.”
In the past three weeks, Bitcoin has had its worse run since September 2017. Despite this, Bogart said that in the long run, he is still optimistic about Bitcoin.
“In the long run, this view is still valid… Institutionalization of Bitcoin does exist… Every big bank wants to do something in this area. They are either planning to provide Bitcoin transactions to their customers or they may consider launching a hosting platform or setting up a professional trading department.”
Bogart believes that most of the competing digital currencies are overvalued, and he compared the recent ICO upsurge that has seen a new crypto launched every other week to the internet bubble that occurred in the early part of this century. But while Bogart believes that investors should sell off most of their cryptocurrencies, he says they should hang on to the likes of Ripple, Bitcoin Cash, and EOS, at least for the time being. He is however, somewhat skeptical about the no.2 cryptocurrency, saying:
“In the long run, I am conservative about the development of Ethereum.”
Bogart is concerned that too many “overvalued” tokens are based on Ethereum’s platform, so the future of Ethereum will be closely related to the development of the ICO sector.
When asked what BTC’s value would be, come the end of the year, Bogart finished off his interview with a confident prediction that Bitcoin will rally and finish 2018 strongly:
“Honestly I don’t publish price targets anymore, but I would bet that Bitcoin at least finishes above 10K for the year.”