Venture Capitalist and Crypto enthusiast Spencer Bogart thins that the future of Bitcoin is very bright. He was interviewed by CNBC when he illuminated his take on the current crypto market. He argued that its institutionalization is already underway.
Bogart was convinced that being bullish in the long run on Bitcoin is the best strategy to go on. He also told the interviewer that the prices are likely to go over $10,000 by this years end. This was his most probable scenario.
In the recent weeks, the value of Bitcoin has deteriorated very quickly. As CNBC noted, it is its worst streak of losses since September of the last year. Bogart pressed the interviewee on this point.
He clarified that he was viewing the market with long term strategy and his theses regarding long term is clear. He is convinced that the institutionalization of Bitcoin is clearly happening.
Every major banking institution is involved with Bitcoin one way or another. He claimed that either they are going to offer the Bitcoins to their client or they will work on some sort of custody platform.
At the very least every one of them are opening a trading desk to understand the implication this is having on their businesses.
Bogart is chairman to Venture capitalist firm Blockchain Capital and was the first Wall Street analyst to cover blockchain and crypto sphere. He also produced an influential report which is considered gold standard for investors.
However, Bogart advised the investors to go bullish on Bitcoin and sell their other altcoins as soon as possible. He was convinced that the altcoins such as TRON, IOTA and Cardano are overvalued.
Ethereum, Ripple and Bitcoin cash is preferred but Bitcoin core is the get go asset for future.
He said that Ethereum’s blockchain is good. Ethereum is, however, wrought with overvalued tokens on its platform so its future is dependent on long term ICO developments in the crypto space.
The institutionalization of Bitcoin is already a de-facto reality. True that this institutionalization is a bit different from traditional conventions but we are in a brave new world now.