Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
One year after Bitcoin broke crypto industry records to hit $20,000, Blockchain Capitalâs Spencer Bogart says todayâs bearish market represents âa fantastic buying opportunity.â
One year after Bitcoin (BTC) broke crypto industry records to hit $20,000, a partner at venture capital firm Blockchain Capital says that todayâs bearish market represents âa fantastic buying opportunity.â Spencer Bogart made his remarks during an interview on CNBCâs âFast Moneyâ on Dec. 17.
Bitcoin is now trading around $3,550, up 2 percent and capping gains of around $260 in the 24 hours before press time. The coin, however, is over 82 percent down from its price point this time last year.
Emphasizing that Blockchain Capital is a âlong-term venture investor,â Bogart told CNBC:
âCould Bitcoin go to $50,000? Absolutely. It doesnât have the same kind of price-to-earnings, enterprise value to revenue that normally puts a kind of upper bound or a ceiling on a typical early-stage technology company [...] How long will it take? Iâm not sure.â
After CNBC host Melissa Lee criticized the belief that the historic 2017 bull run âcould only go higher,â Bogart said that âthere is absolutely nothing wrong with the [bull] thesis,â but noted that â up until recently â the Bitcoin market has been âalmost entirely driven by retail [investors].â This, he suggested, still results in bull market runs âgoing a little too high,â and conversely, bearish dips âtoo low.â
Bogart stressed that notwithstanding short-term price weakness, the core characteristics of the technology and concept are still there. In particular, the VC exec stated that 2018 has seen major advancements in scaling, with the Lightning Network helping to âtransact extremely cheaply, and extremely quickly.â
He further pointed to increased institutionalization of the asset class, with this yearâs endowments from United States Ivy League universities â such as Yale and Harvard â the forthcoming Bitcoin derivatives and the global digital assets trading platform from the Intercontinental Exchangeâs (ICE) âBakkt,â and the establishment of more qualified custodians for crypto assets.
Bogartâs last bullish remarks highlighted the outstanding âquality of the talent that weâre seeing entering the space,â adding that âa lot of the best and brightest are saying âI want to go work on Bitcoin.â
With one last consideration on price volatility, Bogart said that Bitcoin today could also âabsolutelyâ go lower â âanywhere between here and $2,000 or even $1,000â â but that all of these price points represent âa great buying opportunity,â adding:
âWhen we look back 24 or even 12 months from now, weâre going to say, âwhy didnât I buy then?ââ
In recent comments, crypto bull and co-founder of Fundstrat Global Advisors Thomas Lee said he believes the âfair value of Bitcoin is significantly higher than the current price.â He proposed a figure between $13,800 and $14,800, considering the number of active wallet addresses, usage per account and other factors influencing supply.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.