Wall Street’s leading Blockchain analyst, Spencer Bogart advises selling Altcoins and buying Bitcoins
In spite of the recent decline in the valuation of bitcoin, yet the purchase of this cryptocurrency remains high. In an interview, Spencer Bogart, a pioneer of Wall Street as a blockchain analyst has come up with this opinion. He expects the trading of bitcoins to be more than “at least: $10,000 by the end of 2018.
Bogart is in partnership with Blockchain Capital, a prominent VC firm producing a significant industry report focusing on blockchain. According to Bogart, “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 opinionated that a number of altcoins have been “overvalued” and possess a “significant headwind.” He compared between ICO boom ranging, from the late 2017 to the early phase of 2018, and dot-com boom belonging to early 2000s. With this comparison, he sends out a warning regarding many crypto tokens which are “over-promising and under-delivering.”
Bogart expressed his desire to sell atlcoins including TRON, NEO, Cardano and IOTA. However, he was “neutral” and would continue to possess Ripple, EOS, Ethereum and Bitcoin Cash. He commented, “I’m very constructive as regards Ethereum on a long-term basis.”
According to Bogart, ethereum still has “a lot of overhang” due to a number of tokens operating on its platform which are “overvalued.” He stated that the future of ethereum will be correlated to the upcoming growth of the ICO domain.
He commented that this market happens to be the first sustainable bear market. Here, no one has advised the “end of Bitcoin.” He opined that the fact behind deeper institutionalisation of the domain belonging to cryptocurrency secures a “story” characterised by its long duration. It is also attributed by its “overall positive” outlook for the future of bitcoin.
The downfall in the market of digital currencies still continues to exist with the valuation of bitcoin trading lesser than $7,400. The universal nature of institutional investment will result in a positive trajectory in the market space. He also commented on the present upheaval in the traditional sector of finance like the lately occurred crisis in fiat currencies. This has laid an impact on the used cases of bitcoin.
In the interview, he stated,”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.”
(Image source: Google)
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