Bitcoin slumped during Q1 2018, with these rocky waters spilling over into Q2 2018 if the recent price is anything to go by. However, there are renewed calls for optimism, as leading industry voices seem to be backing Bitcoin to return to form before the end of the year. Blockchain venture capitalist and well-known cryptocurrency name Spencer Bogart being latest to put forward his thoughts on Bitcoin’s 2018. Remaining optimistic, during a recent CNBC interview he backed Bitcoin to be trading above $10,000 by the close of the year.
Lending a supportive voice
The reason why Bogart is considered to be such a cryptocurrency authority is because he’s a partner at Blockchain Capital. Representing a true financial sector trendsetter, it was the first Wall Street firm to start covering Blockchain and Bitcoin – at least this is the case according to industry reports. When a voice such as Bogart steps up to back Bitcoin it certainly represents positive news – something that Bitcoin sorely needs right now. For no less than three weeks Bitcoin has been on a steady drop, marking longest streak of price dips it has experienced since September last year. It’s certainly no reason to panic, but many are wondering if recent losses could have long-term implications.
Despite the negatives, Bogart thinks that Bitcoin has plenty left in the tank. “The long-term thesis is very much intact; the institutionalization of Bitcoin is absolutely occurring. Every major bank is trying to do something in the space. Either they’re going to be offering Bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk,” said Bogart.
Altcoins worryingly overvalued
Bogart is noticeably downbeat on altcoins. Labeling many of the supposed lesser cryptocurrencies as overvalued, it’s his belief that danger is looming. Bogart believes that there are strong parallels between the dot-com boom of the late 1990s-early 2000s and the currency ICO boom of today. Underdelivering and over promising tends to be the message he’s spreading, with the leading analyst targeting NEO, Cardano, IOTA, and TRON specifically. According to Bogart, it’s time to dump these altcoins, while he feels that Ripple, Ethereum, EOS, and Bitcoin Cash are still worth holding. Of all the digital currencies in the altcoin space, Bogart remains most optimistic about Ethereum, “I’m very constructive as regards Ethereum on a long-term basis,” he said.
Banishing the bubble claims
With regards to Bitcoin, Bogart reaffirmed that the bubble message routinely touted in prior years is beginning to pass. This is the first time when – in the midst of a bear market – leading financial analysts haven’t rushed to declare that the end of Bitcoin is near. Bogart feels that the reality of a growing institutionalization of the crypto sphere – along with increased understanding of Bitcoin as a commodity – is securing its long-term future. Considering how the current financial sector has also been experiencing turbulence lately, it simply reaffirms Bitcoin’s position and standing as a viable currency.
The crypto market has entered rough waters once again, with the downtrend set to continue. But, if Bogart is to be believed it isn’t all doom and gloom, “Could Bitcoin trade lower? Certainly. But do I think it will be higher a year from now? Absolutely, I would bet Bitcoin ends at least above $10,000 in the year.”
Moving towards mainstream acceptance
The reasoning behind Bogart’s optimism isn’t too difficult to grasp. Just yesterday we looked at the amazing technological advancements related to Bitcoin that are taking place. These innovations are winning over the people, even if it isn’t quite showing within Bitcoin’s value just yet. The key to Bitcoin reaching the next level has always been mainstream acceptance, with that bringing with it mainstream investment from the institutional investors. Bitcoin’s future success is much like a puzzle, with the pieces now slowly coming together.