Spencer Bogart’s Belief in Bitcoin Still Remains Strong
Spencer Bogart has been a firm believer of “don’t celebrate too early”. Spencer Believes that Bitcoin (BTC) is still an investment and one of the best purchases. Over the past few weeks, Bitcoin has been in the red area. However, Spencer Bogart predicts that Bitcoin will be gaining in the long run.
“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.”
Furthermore, he believes that Bitcoin is the only cryptocurrency in which investors and trader should invest, as it peaks into the mainstream.
The Venture Capitalist partnered at Blockchain Capital reported:
“Every major bank is trying to do something in the space.”
Additionally, he said:
“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.”
At present, the cryptocurrency market has a negative performance. BTC escalated around 19,500 USD last December and so far it has gone down more than 50% since January 2018. At present, being traded at 7471 USD and has seen an increase of 2.58% in the last 24 hours. Overall, it has seen a fall of 9% in the previous week, at the time of writing.
Spencer is known as the first analyst of Wall Street to analyse and cover Bitcoin and Blockchain technology. He has suggested that the investors should sell the following coin – NEO, IOTA, and TRON.
“A lot of those tokens are overvalued. They could go up significantly, but they also have a significant headwind.”
He also recommended that investors should invest in alternative coins like Ripple (XRP), Bitcoin Cash (BTCH) and Ethereum (ETH). He suggested the investors to HODL these coins right now, emphasising on the negatives of relative valuation.
Furthermore, he says that he is cautious with the coin, Ethereum. He adds that it has overhangs due to plenty of ICOs. Spencer predicts that Bitcoin will be above $10,000 by December 2018, specifying that the large-cap coin will face turmoil in the market.