Since the beginning of the year, most of the virtual currencies in the market have been in a bear trend. Just a few exceptions were able to register profits. But for investors, is better to buy Bitcoin or altcoins? According to Spencer Bogart, blockchain venture capitalist, Bitcoin will be traded by the end of the year above $10,000 dollars.
Spencer Bogart Bullish on Bitcoin
While talking with CNBC on May the 26th, Mr. Bogart explained that Bitcoin analysed in a long term perspective is still bullish. Bogart is partner of the VC firm known as Blockchain Capital and was one of the first investors in covering Bitcoin and blockchain technology.
Additionally, he said that institutions are starting to invest in the famous virtual currency and that banks are very interested in the matter. But he did not provide names about which institutions may start offering bitcoin-related investments to their clients.
Bogart commented during the interview:
“The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occurring… Every major bank is trying to do something in the space. 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.”
At the same time, he emphasized that many Initial Coin Offerings (ICOs) are overvalued. He explained that the projects are very promising, they receive a lot of support, but then, their platforms and products are not as expected. About it he said that some ICO tokens are ‘over-promising and under-delivering.’
Additionally, he commented positively about Ethereum saying that in a long-term basis he is very constructive. Of course, he also gave his negative point on the subject. He explained that Ethereum has currently a lot of overhang due to the fact that there are many overvalued tokens, and that the future of ETH will highly depend on the development of the ICO space.
Moreover, he marked that uncertainty and turbulence in the traditional markets reinforce Bitcoin’s use cases. And then, he said:
“Could Bitcoin trade lower? Certainly. But do I think will be higher a year from now? Absolutely… I would be Bitcoin ends at least above $10,000 in the year.”