Spencer Bogart, a partner at Blockchain Capital, a venture capital firm, said in a conversation with Bloomberg that despite the long bearish cycle in the cryptocurrency market, cryptoactives still have enormous potential.
The expert still holds positive predictions about the future of Bitcoin, noting the critical role of "programmable money", whose popularity will continue to grow.
Bogart views cryptocurrencies as "multi-trillion dollar idea," and notes the fact that Bitcoin showed the largest increase in the entire history of financial markets - from $ 1,000 to almost $ 20,000 in just one year. The expert also stressed that, despite the current state of the cryptocurrency market, which has been dominated by bears for a long time, the potential of the first cryptocurrency is exactly huge.
In an interview, he also expressed his "mono-cryptocurrency" position, stating that Bitcoin has the most developed network, which is 5 times greater than the number two cryptocurrency network. Most likely it means Ethereum, which recently ceded Ripple second place in the capitalization rating. He also noted that the cryptocurrency community has been waiting for a long time, when Bitcoin will be replaced by something more technological, but the commitment to altcoins is a "dangerous game".
Blockchain Capital was created in 2013 with the goal of helping entrepreneurs create global projects aimed at working with cryptocurrencies and blockchain. The company's website states that it is "one of the oldest and most active venture investors in the blockchain sector," and since its creation, 72 companies have already financed.
Recall that in early October, Spencer Bogart suggested that Bitcoin quotes almost reached the bottom. As an argument, he made a correlation between last year, when the price rose and did not pay attention to negative news, and the current one, when the price falls and does not pay attention to positive news.
Recently, Wall Street analyst Tom Lee adjusted his Bitcoin forecast for the end of this year, reducing the figure to $ 15,000. As a positive factor, he noted the imminent launch of the New York Stock Exchange (NYSE) cryptocurrency platform for institutional investors. He also believes that government departments will soon begin to determine how to regulate cryptocurrency. Both of these factors together should influence the institutional investors who will start investing in the cryptocurrency market.
Backed by Intercontinental Exchange (ICE), the NYSE has recently confirmed that it is targeting a launch of the Bakkt platform on Jan. 24, 2019.
On Nov. 20, the head of global trading and technology firm Susquehanna also claimed that he is still a long-term Bitcoin believer amidst the market crash.