Bogart: Bottom Might Not Be In, But Buying Bitcoin Now Isn’t Nonsensical
Just days after Bitcoin (BTC) embarked on a jaw-dropping surge, mainstream media outlets have clamored to cover this topic in a fear of missing out. Bloomberg, which was recently lambasted for its crypto reporting, recently called on Spencer Bogart, a partner at Blockchain Capital, to make an appearance in the context of this latest rally. Like his prior appearances on television, Bogart touted optimism, noting that the cryptocurrency space is as potent as ever.
In the recent broadcast, the investor, who has become the de-facto face of his company, noted that while he has no prediction as to where or when the crypto market will bottom, now remains a perfect time to accumulate Bitcoin for the long haul. Bogart noted that from a fundamental standpoint, withholding price action, this industry remains strong. He stated:
“It hasn’t slumped at all really in terms of entrepreneurial activity… We see more and more companies coming in every day, and higher quality [projects] too. Behind the scenes when you think of the macro environment, with rising debt levels, money printing, the tension between nationalism and globalism, and jurisdictional competition, there’s a strong case to be made that Bitcoin is the most compelling asset in the world right now.”
He added that every day that BTC stays alive, it becomes less scary and unknown and more trusted and proven. Other catalysts for the flagship cryptocurrency that Bogart mentioned included institutional involvement, “which value Bitcoin as a non-sovereign digital asset with absolute scarcity,” and demand for BTC as a form of programmable money.
Bogart’s recent comments come after Josh Rager, a notable crypto investor and an advisor to both TokenBacon and Blackwave, claimed that after 2019, potentially few of those in the “general population” could afford an entire Bitcoin. Thus, he added that by 2021, most common Joes & Jills would only be able to afford fractions of BTC, rather than a whole coin.
Rager isn’t the only industry commentator claiming that now’s an optimal time to buy Bitcoin. Per previous reports from Ethereum World News, Zhao Dong, purportedly one of China’s most influential hotshots in the Bitcoin space, took to WeChat to note that it is logical to stock up on cryptocurrency while the consumer population isn’t FOMOing in.
Respected industry analyst Murad Mahmudov has also claimed that in the coming months, accumulation would be wise. According to a tweet storm from the trader, who is a partner at Adaptive Capital, $1,800 to $2,500 could be an optimal zone of accumulation for BTC, especially as he believes this bear market will last for a number of more months.
Title Image Courtesy of Descryptive.com Via Unsplash