Although Bitcoin has been in a bearish phase for 3 weeks in a row, the Bitcoin enthusiasts don’t seem to be very concerned. Spencer Bogart, a partner at major blockchain and crypto VC firm Blockchain Capital, has stated that the Bitcoin price will reach $10,000 by the end of this year. The opinion of Spencer Bogart, the first Wall Street analyst who got interested in crypto, is not to be disregarded lightly.
When asked if he still recommends investing in Bitcoin, Spencer Bogart replied:
“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. A deeper institutionalization of bitcoin is overall positive.”
Commenting on the bearish market, Bogart stated that this time the attitude to the downward trend in price is very different and nobody is talking about “end of Bitcoin”, realizing this is just a phase. Bogart, however, is not a big fan of ICOs. According to him, some of the tokens are overvalued and the sheer number of ICOs create a lot of Ethereum network overhang. Then Bogart recommended selling Cardano, TRON, IOTA and NEO and suggested holding Ethereum, Ripple, Bitcoin Cash and EOS.