Bitcoin remains the best choice for investment in cryptocurrency — this is the opinion of a venture capitalist Spencer Bogart (Bogart Spencer), whose interview was published the portal CNBC.
Bogart is a partner in a major venture capital firms Blockchain Capital, known for its investments in blockchain projects, and reportedly the first of Wall Street analysts, who began to consider investment in bitcoin and the technology behind it. He is also the author of a report on the industry of the blockchain, which were highly appreciated by experts.
In his opinion, the leading cryptocurrency to be traded at the end of the year at the rate of at least above $10 000. Despite the fact that the rate decreases for the past three weeks, which tells about the long period of downward trend from September 2017, the analyst forecast for long — term sustainable growth.
“Long-term thesis remains completely unchanged… the Institutionalization of bitcoins takes place is of course… Every major Bank is trying to do something in this space. Either they are going to offer bitcoin to their clients, working on a platform for storage of cryptocurrency, or they open a retail space,” said partner of Blockchain Capital.
However, Bogart suggests that the cost of many alithinou — inflated. From his point of view, “they can rise significantly in price”, but face many obstacles, and it is worth remembering that we are talking about relative valuation. Drawing a parallel with ICO boom in late 2017 / early 2018 and the dot-com boom of the early 2000s, the analyst indicates that cryptotoken promise much more than they can later give.
Spencer Bogart believes that it is necessary to sell oldoini such as Cardano, TRON, IOTA and NEO, and continue to hold Ethereum, Ripple, Bitcoin and Cash EOS. It should be noted, calling the latter “neutral”, it refers to the increased attention to Ethereum.
“I am very constructive in relation to Ethereum in terms of a long-term perspective”, — said the analyst.
However, he believes that Ethereum at the moment is very “burdened” with a huge number of tokens with a high rate created on the platform that, on the other hand, determines his future close relationship with the further development of ICO.
In General, according to the partner of Blockchain Capital, there is the first sustained bear market, where no one and does not imply any “end of bitcoin”. On the contrary, the further institutionalization of Cryptoprotected creates the prerequisites for long life cryptocurrency and favourable forecasts for the future. Strengthens bitcoin and “turbulence” in the traditional financial sector, contributing to the emergence of new variants of its use.
“Bitcoin can be traded at a lower rate? Of course. But do I think it will be higher in a year? Sure… I would bet that bitcoin will close the year with a rate of at least $10 000”, — said the analyst.
Meanwhile negative trend in the cryptocurrency markets, appears to be continuing: the course leading cryptocurrency at the time of publication fell below $7300.
And it is against the interest of those institutional investors to create solutions for the storage of cryptocurrency, developed reference currency index for derivatives on the basis of scriptactive and concluded cooperation agreements with global providers. Institutional investors are getting closer and closer, talking about them all, and here speaks the famous cryptomaterial Joseph young (Joseph Young): “Two words that I really don’t want to hear this week from institutional investors.”