Spencer Bogart, general partner at Blockchain Capital, a venture capital firm, expressed confidence that Bitcoin will become a safe asset in the long run.
In an interview with Bloomberg, Bogart noted that the risks of devaluation of fiat money would boost the Bitcoin exchange rate.
"I think longer term Bitcoin will absolutely be a safe haven [...] I think that when you have looming risks of monetary devaluation, things like this, Bitcoin certainly looks very attractive. And I think that was a large driver of the recent run-up in price,"he said.
Bogart believes that in the event of a serious global economic crisis, the Bitcoin rate may go down, although the crisis itself must survive the first cryptocurrency. However, now there is no crisis in the market and large-scale problems in the world market are not expected.
"When you think about really severe crises taking place, a liquidity crunch, another global financial crisis, I think that Bitcoin will struggle to do very well from a price perspective,"said Bogart.
At the end of last year, Bogart said that even despite the fall of markets and price fluctuations, cryptocurrencies still have enormous potential.