Its been a rough few months for Bitcoin and Cryptocurrency traders with losses in valuation of over 60% across the board many could be left feeling somewhat disheartened by this new asset class. However 60% downtrend aside adoption and technology in the space has been behaving quite the opposite leaving Blockchain Venture Capitalist Spence Bogart to believe Bitcoin is still destined for great times ahead:
In a recent interview on CNBC’s Fast Money programme Bogart told viewers:
“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 goes on tell viewers that Bitcoin is still a buy at current rates and that investors in the space should sell their altcoins for Bitcoin as soon as possible. He raises specific concerns with Ethereum which he believes could be heading for trouble due to the excessive ICO’s which have been created using the smart contract platform.
He said people should sell cryptocurrencies like IOTA, NEO TRON and Cardano as they are seriously over valued but went onto add that holders of EOS, Bitcoin Cash and Ripple may want to hold onto their tokens for now.
Moving forward he believes that Bitcoin will “at least end above $10,000 by the end of the year” and over the next couple years will grow in valuation considerably.
Just another wealthy VC making wild statements or do you believe Bogart’s words have credence, please feel free to leave your thoughts on the future of Bitcoin and the Cryptocurrency space in the comments below