Bitcoin is falling, but the optimism from sure experts in the field is keeping the Bitcoin spirits up. Spencer Bogart suggests buying Bitcoin as it is expected to increase by the end of the year.
Spencer Bogart is reportedly the first Wallstreet analyst to cover Bitcoin and is a partner at venture capital firm Blockchain Capital. His voice matters in the blockchain community thanks to his enormous experience in the field.
Bogart was optimistic suggesting Bitcoin will trade above $10,000 by the end of the year.
With Bitcoin going through one of the longest streaks of bad luck since September 2017, his comments come to the hopes of Bitcoin investors.
“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,” Bogart said.
What about altcoins? Bogart calls altcoins ‘overvalued’ which can be catastrophic. He linked the ICO boom in late 2017 and early 2018 to the dot-com boom in the early 2000’s.
Therefore the overpromise and under delivery could result in a significant issue in the long run.
Bogart even mentioned specific altcoins to avoid which include TRON, IOTA, and NEO.
Altcoins he suggests holding include Ethereum, Ripple, Bitcoin Cash, and EOS.
“Ethereum has a lot of tokens which are over-valued and these ICO’s are built on top of Ethereum. Their token ETH is used essentially as a fuel for more people to invest into these ICOs,” he continued saying.
He even said Ethereum is very important to the future of the ICO projects.
“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,” Bogart confidently said.
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