Bitcoin remains a strong buy despite recent losses, blockchain venture capitalist Spencer Bogart told[1] CNBC yesterday, May 26. The cryptocurrency will trade “at least” above $10,000 by the year’s end, he added.
Bogart is a partner at major VC firm Blockchain Capital[2], and was reportedly[3] the first Wall Street analyst to cover Bitcoin and blockchain, authoring a highly regarded[4] blockchain industry report.
Bitcoin has now seen three weeks in the negative, its “longest running streak of losses since September 2017,” as CNBC’s interview intro noted. Despite this, Bogart outlined a bullish forecast for the long term, saying that:
“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[5] or they're opening up a trading desk[6].”
Bogart suggested however that many altcoins are likely “overvalued” and “have significant headwind,” emphasizing the dangers of relative valuation. He drew a parallel between the ICO boom[7] in late 2017 - early 2018 and the dot-com boom[8] of the early 2000s, warning that many crypto tokens are “over-promising and under-delivering.”
Bogart said he would sell alts such as Cardano[9], TRON[10], IOTA[11] and NEO[12], but was “neutral” and would hold Ethereum[13], Ripple[14], Bitcoin Cash[15] and EOS[16].
“I’m very constructive as regards Ethereum on a long-term basis,” he said. Nonetheless, he considered that Ethereum currently has “a lot of overhang” because of the many “overvalued” tokens
