Spencer Bogart, a partner at the venture capital firm Blockchain Capital, seems to be very bullish about virtual currencies. During an interview with CNBC, he said that it is a good time to buy Bitcoin. Additionally, he believes Bitcoin (BTC) could rally above $10,000 in 2019.
Spencer Bogart Bullish About Bitcoin in 2019
2018 is already behind us and all the crypto industry is already thinking about what the market will prepare for Bitcoin the next year. Spencer Bogart, a partner at Blockchain Capital, said that Bitcoin is a great buying opportunity.
During a conversation with CNBC’s Fast Money, he stated by saying that almost a year ago Bitcoin reached an all-time high of $20,000. Because of this situation, several experts predicted that Bitcoin could reach between $25,000 and $50,000 in 2018.
Back at the beginning of the year, Spencer said that Bitcoin would reach $50,000. On this issue, he commented:
“Look, in general, at Blockchain Capital, we are long-term venture investors. So, we are not really doing short-term price targets. Could Bitcoin go to $50,000? Absolutely. How long will it take? I am not sure.”
He explained that Bitcoin experienced a bull run that was entirely triggered by retail investors. For him, this is something very unique that must be taken into consideration. That means that during bull markets, the price of the asset goes too high. During bear markets, the price of the same asset goes too low.
He talked about the fundamentals and how Bitcoin grew during 2018 taking away the price evolution of the asset. The Lightning Network scaling solution has grown to new levels. In the future, developers will be able to release it and allow Bitcoin to process millions of transactions per second with very low fees.
At the time of writing, the Lightning Network has a capacity of 491 BTC and it has 14,837 channels opened among 4,637 nodes.
Bitcoin is now being traded above $4,100. From its all-time high in 2017, Bitcoin has lost more than 82% of its value when it reached a bottom close to $3,200. The popular virtual currency has registered a price increase of 7.8% in the last 24 hours. In the last seven days, Bitcoin has increased its value by 23%. Most of the virtual currencies in the market are operating positively.
