Venture capitalist Spencer Bogart, in a commentary for CNBC, said that bitcoin, despite the continuing decline, is still an attractive investment. He also added that by the end of the year, it will cost a minimum of $ 10,000.
Bogart is a partner in a major venture Capital firm Blockchain and also one of the first analysts on wall street who are seriously interested in blockchain and bitcoin and even prepared the first industry report.
Meanwhile, bitcoin for three weeks in a row is in downtrend and is “the longest decline since September, 2017”. Despite this, Bogart maintains bullish views on the cryptocurrency:
The long-term prospects are still very good… the Institutionalization of bitcoin is inevitable… Every major Bank is trying to do something in this area. Either they will offer bitcoin to their customers or they are working on a platform for storage of cryptocurrency or open offer trading.
Bogart suggested, however, that the price of many altcoins is probably “overstated”. He drew a parallel between the boom of the ICO in late 2017 – early 2018, and the dot com boom of the early 2000-ies. In his opinion, a ICO projects a lot of promise, but little do.
Bogart advised to sell violas such as Cardano, TRON, IOTA and NEO, but recommended to hold Ethereum, Ripple, Bitcoin and Cash EOS.
I like Ethereum in the long term.
However, he believes that Ethereum is currently too dependent on many overpriced tokens, and suggested that the future of Ethereum will be closely connected with the future development of ICO industry.
Bogart also noted that this is the first fall in the price of bitcoin when almost nobody says about the “end” of the cryptocurrency. He suggested that the likelihood of a deep institutionalization of the cryptocurrency space opens new prospects for bitcoin.
He also said that the ongoing instability in the traditional financial sector, such as the recent national currency crisis, plays into the hands of bitcoin.
Can the price of bitcoin to drop even lower? Of course, but do I think that in a year it will be higher than it is now? Absolutely … I’d bet anything that the end of the year the price will definitely be higher than $ 10,000.