By
Steve Muchoki
April 23rd, 2024
Bogart said that despite the possibility of short-term headwinds in Bitcoin prices, the long-term story is bright as the space is getting largely institutionalized.
Despite the significant market correction and all the recent losses, blockchain venture capitalist Spencer Bogart is bullish on the future of Bitcoin. During an interview with CNBC last week on May 26, Bogart said that it is the right time to buy the cryptocurrency and that it will trade above $10000 at least, by the end of this year.
Boogart is the first Wall Street analyst to cover Bitcoin and has been a partner in the popular VC firm Blockchain Capital. During the interview, Bogart said:
“The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occuring…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.”
Bogart also said that bitcoin can still face some headwinds in the near future but remains “overall positive” from the long-term perspective. He said:
“Could bitcoin trade lower? Certainly,” Bogart said. “But do I think it will be higher a year from now? Absolutely. “But when I look out over the next year, two years, I mean the story is very much materializing. Bitcoin, however, should “at least” end above $10,000 by the end of the year.”
While coming to altcoins, Bogart suggested selling many of them which have recently created much hype and could face significant headwinds. He said altcoins are “over-promising and under-delivering. Meanwhile, you have a few that are kind of excelling at their use cases. Bitcoin being one of them.”
He currently recommended selling tokens like Cardano, TRON, IOTA and NEO. “A lot of those tokens are overvalued,” Bogart said. “They could go up significantly, but they also have significant headwind.”
Bogart holds a neutral view on other popular altcoins like Ethereum, Ripple, Bitcoin Cash and EOS saying that investors should consider holding them as of now. Bogart said that he has a special attention on Ethereum as the platform has a lot of Initial Coin Offerings being built on the top of it. He said that if the ICOs don’t work out it could be a bad news for the platform.
So far things haven’t been going well for the Bitcoin community as the world’s largest cryptocurrency by market cap has been on a continuous sideways movement, ever since it failed to cross the $10000 resistance. According to the data on CoinMarketCap, Bitcoin was trading at a high of $9934 earlier this month, on May 5. Since then, the cryptocurrency has eroded its value by nearly 28% and is currently trading at $7249.
Last week, in another blow to the Bitcoin community, the U.S Department of Justice (DOJ) launched a criminal probe in Bitcoin price manipulation by some of the traders. The agency is in search of the existence of any illicit practices in the sector. However, many experts from the cryptocurrency industry have backed this investigation saying that it will help to weed out the bad players in the market thereby creating space for serious investors.