Bitcoin maintains its position as the crypto of choice for investors, especially those who are comfortable with risky trades. One of them is Spencer Bogart who, despite the recent bearish trend, did not hide his bullish sentiment in an interview for CNBC.
Bogart mentioned that Bitcoin is a great investment option because of the substantial institutional interest involved around it:
“The institutionalization of bitcoin is absolutely occurring. That was very evident, I think, to anybody that circulating around blockchain week in New York. Every major bank is trying to do something in the space; either they’re trying to offer bitcoin to their clients, they’re working on a custody platformer they’re opening up a trading desk. That’s absolutely takin place.”
For the well-known venture capitalist, Bitcoin is a cryptocurrency that is currently undervalued in comparison to some altcoins that are, on the contrary, overvalued.
He said that one of the blockchains he is most concerned about is Ethereum. Due to a high level of adoption, some shady tokens and ICOs running on this network could potentially affect its public image .
Spencer Bogart Advice: Buy Bitcoin at 7K, See It Possibly Reach 10K This Year
According to his opinion, the cryptos that are currently in positions 2 to 7 have a neutral perspective, i.e., those would be currencies to be held without buying or selling more since they “could go up significantly, but they also have a significant headwind,”
This approach sharply contrasts with that of other analysts and with a good part of the general public who see in altcoins a better alternative to Bitcoin.
A few days ago, bitcoin strategist Tom Lee mentioned that according to a proprietary indicator, investors are happier (less miserable) with EOS and more unhappy (more miserable) with Bitcoin.
Another positive aspect of the interview is that the “fear of crypto apocalypse” is not as strong as in other years:
“I’ll tell you what’s very different this time. In the past years when we’ve had this kind of drawdowns, and I’ve talked to people within the industry, media, everyone had this question of ‘Is this the end of bitcoin,’? And this is the first downturn where when I’ve tried to explain to people, ‘hey listen bitcoin’s not going away’… it was the first time everybody’s response was ‘no, of course, we know that. We know Bitcoin is not going away’ And to me, that’s a huge change.”
He also noted that his predictions are for periods longer than one year and do not apply to short periods of time:
“My minimum horizon is at least a year. Could bitcoin trade low? Certainly. But do I think it will go higher in a year from now? Absolutely”
The interview ended with a conservative but bullish prediction of a bitcoin price of “at least” 10k by the end of the year.