- Venture Capitalist Spencer Bogart said he would keep Bitcoin and sell his altcoins.
- He claims that altcoins are on are likely “overvalued,” are “over-promising and under-delivering.”
Spencer Bogart, reported as the first Wall Street analyst to cover Bitcoin and blockchain and a partner at major Venture Capital firm – Blockchain Capital, has stated in an interview on Saturday 26th May that despite Bitcoin’s recent losses it retains a strong buy. Spencer added that the price of Bitcoin will exceed “at least” $10,000 before the end of this year.
As the interview intro stated, Bitcoin has been in the negative for about 3 weeks, its “longest running streak of losses since September 2017.” Notwithstanding, Spencer Bogart made a bullish prediction for the long term. He stated that:
“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.”
Spencer proposed that a number of altcoins are possible “overvalued” and “have a significant headwind.” He emphasized the dangers inherent in relative valuation of altcoins. Spencer, outlining a similarity between the late 2017-early 2018 ICO boom and the early 2000s dot-com boom, warned that many altcoins are simply “over-promising and under-delivering.”
Spencer Bogart stated that he would sell off altcoins like NEO, IOTA, TRON, and Cardano, though he was “neutral” about and may hold Ether, Bitcoin Cash, EOS, and Ripple. He said:
“I’m very constructive as regards Ethereum on a long-term basis.”
However, Spencer said that Ethereum presently has “a lot of overhangs” due to the large number of “overvalued” tokens built on the Ethereum platform. He proposed that the future of Ethereum will be closely connected to the future development of the ICO space.
Spencer Bogart stated that the current crises going on in the traditional financial sector, such as the recent national fiat currency crises, is only strengthening Bitcoin’s use cases. He said:
“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.”
However, there seems to be a continuous negative performance in the cryptocurrency markets. The price of Bitcoin is presently less than $7,400, dropping about 2.5 percent over the period of 24 hours.