Wall Street Blockchain Analyst Tells Investors To Sell Altcoins And Buy Bitcoin
Spencer Bogart, a blockchain venture capitalist, told CNBC that Bitcoin remains a strong buy despite recent losses yesterday, May 26. The cryptocurrency will trade “at least” above $10,000 by the year’s end, he added.
Bogart is a partner at major venture capitalist firm Blockchain Capital, and is popular for being one of the first Wall Street analysts to cover Bitcoin and blockchain, having taken part in a highly reputable blockchain industry report.
Bitcoin has now been three weeks in the negative, its “longest running streak of losses since September 2017,” as CNBC’s interview intro mentioned. Regardless of that, Bogart still predicted a bullish outcome for the cryptocurrency in the long term, saying that:
- “The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occuring…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.”
Bogart did say that many altcoins are definitely “overvalued” and “have significant headwind,” putting emphasis on the dangers of relative valuation. He drew a correlation between the ICO boom in late 2017 – early 2018 and the dot-com boom of the early 2000s, warning that many crypto tokens are “over-promising and under-delivering.”
He finished by stating his predicition, saying that:
- “Could Bitcoin trade lower? Certainly. But do I think it will be higher a year from now? Absolutely… I would bet Bitcoin ends at least above $10,000 in the year.”
For now we have to wait and see how the market recovers, if it does indeed recover.