Good Time To Buy Bitcoins, Says Spencer Bogart, Partner At Blockchain Capital

by | Dec 19, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

Bitcoin | Buy Bitcoin | Spencer Bogart | Bitcoin Price

Bitcoin News: a long stretch of drought, Bitcoin (BTC) managed a slight recovery on Monday, which also happens to be the one year anniversary of its breaching $20,000. The spike in BTC has everyone wondering about the token’s future especially what 2019 has in store. Spencer Bogart, a partner of Blockchain Capital says that it the right time to buy Bitcoin.

Bogart took over a segment of CNBC’s “Fast Money” and elaborated about the current and the future state of cryptocurrencies. With a vested interest in the ecosystem, he bestowed positive thoughts and predictions over the markets. He started his segment by pointing out that BTC’s reaching its all-time high and then the subsequent fall was catalyzed by the overabundance of retail speculation, rather than the collapse of this industry.

Read more: Bitcoin Price Crosses $3500, Jumping More Than 10% On The One Year Anniversary Of $19,000

The  fundamentals haven’t changed

Bogart added that despite the collapse, 2018 has been a great year for cryptocurrencies.

The reality is that the fundamentals haven’t changed.

He went on to explain that crypto’s infrastructure has improved beyond comparison in 2018. For instance, the Lightning Network, a potentially game-changing, second-layer scaling solution for Bitcoin, gained real-world traction. The arrival of such protocols and similar endeavours will act as a catalyst for the mainstream adoption and the eventual growth of the cryptocurrency industry.
Bogart also cited the entry of notable endowments, such as Yale University, MIT, and Harvard University in the ecosystem and that this is the sign of growth.
Sharing a similar sentiment to that of the Blockchain Capital representative, Michael Bucella, a partner at Ari Paul’s BlockTower Capital, recently asserted that the despite the current downturn, the world’s “smartest money” continues to rush flock to crypto en bloc.  Bucella points the unprecedented mass of investment hotshots and institutional players, namely Yale’s David Swensen as the “smartest money,” comments.
Other institutional incumbents such as Nasdaq and Bakkt will be launching Bitcoin futures by 2019. Pointing towards all this and more, Bogart assures that the industry has nothing to fear. According to him, the  “most encouraging” indicator in all of this is the inflow of the “quality of talent”. Further noting that many “young people” are fascinated by cryptocurrency and its underlying technology and the world’s “best and brightest” are planning to jump the wagon.

Fantastic Buying Opportunity

When the CNBC anchor Mellisa Lee asked Bogart, whether the $3,200 dip is an optimal time to purchase BTC or other crypto assets from an investment standpoint. Bogart maintained his bullishness towards the token and stated that while prices could continue lower, “anywhere from here to $2,000, $1,000” remains a “fantastic buying opportunity.”

He was quick to add that in 18 to 24 months from now, many would look back in hindsight and claim “why didn’t I buy there.” Implying a brighter future for the token. When the host pushed for a crypto forecast by asking, if he agrees with the calls that BTC could eclipse $50,000 apiece.

Being a true blue BTC loyalist, he noted that the token could breach the aforementioned price level, more than two times above its all-time highs, as the crypto’s valuation models aren’t constricted by PE (price to earnings) ratios, but rather by network value. In saying so, he also added that he can’t predict a timeline for this grand event.

Read more: Traditional Investors Are Shifting to Over-The-Counter Bitcoin Markets, Suggests Research

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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