Famous blockchain venture capitalist Spencer Bogart has said that Bitcoin is still in the game despite the recent price struggle. In an interview with CNBC’s ‘Fast Money’, he told that the increase in the number of use cases proves that BTCis becoming more institutionalized. He encourages cryptocurrency enthusiasts to sell other coins like NEO, Cardano, IOTA and TRON.
Bogart said,
“Most major banks are trying to tap into the Bitcoin network. They are either offering clients Bitcoin, making provisions for a custody platform or making trading desks available for BTC users. The institutionalization of Bitcoin is positive worldwide”
After surging last December to around $19,500, BTC price has declined more than 50 percent since the start of the year. On Thursday, amid increased regulatory scrutiny in the cryptocurrency space, the coin fell yet again, this time below $8,000, where bTC had hovered for several weeks. Late Friday, BTC was priced around $7,400.
In the aftermath of the price decline, facing the longest three weeks of losses, he claims that Bitcoin is not going away anywhere, anytime soon. The ICO boom that happened in 2018 will make a comeback where the BTC trades will go higher in the next year.
Bogart suggested however that many altcoins are likely “overvalued” and “have significant headwind,” emphasizing the dangers of relative valuation.
Bogart said he would sell alts such as Cardano, TRON, IOTA and NEO, but was “neutral” and would hold Ethereum, Ripple, Bitcoin Cash and EOS.
Also Read: Bitcoin Bull Spencer Bogart: Big Bank To Move in Line With Goldman Sachs
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