Bitcoin remains a good acquisition despite recent declines, Spencer Bogart told CNBC yesterday that the cryptocurrency will be worth at least 10,000 dollars
Bogart is a partner in the main company of VC Blockchain Capital and was apparently the first Wall Street analyst to deal with Bitcoin and Blockchain, creating a very respected Blockchain industry report.
Bitcoin has been falling for three weeks, it is the longest period since September 2017, yet Bogart presented an upward long-term forecast, saying that:
“Long-term increases are inevitable, Bitcoin’s institutionalization is an absolute must, every large bank is trying to do something to offer a cryptocurrency to its client or open a point of sale.”
Bogart suggested, however, that many altcoins are probably “overvalued” and “have a lot of wind in sails”, emphasizing the dangers of relative valuation. He compared the ICO boom at the end of 2017 – at the beginning of 2018. A dot-com boom from the beginning of 2000, warning that many tokens are “too promising”
Bogart said he would sell such altcoins as Cardano, TRON, IOTA and NEO, but he was “neutral” and would maintain Ethereum, Ripple, Bitcoin Cash and EOS.
“I am very constructive with regard to Ethereum in the long term,” he said. Nevertheless, he believed that Ethereum now has “a lot of overhang” due to the many “overvalued” tokens that are built on his platform, and suggested that the future of Ethereum would be closely correlated with the future development of the ICO space.
Bogart also noted that it was the first permanent market where no one suggested the “end of Bitcoin”. He suggested that the reality of deeper institutionalization of the cryptocurrency space secures a long-term “history” and is “generally positive”. “For the future of Bitcoin.
He also said that constant turmoil in the traditional financial sector, such as recent currency crises, strengthen Bitcoin’s operations.
“Can the price of Bitcoin increase? I bet Bitcoin will end a year with at least $ 10,000, ”