Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: PRIBO247 on December 18, 2018, 07:25:31 PM
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One year after Bitcoin (BTC ) broke crypto industry records to hit
$20,000, a partner at venture capital firm Blockchain Capital says
that today’s bearish market represents “a fantastic buying
opportunity.” Spencer Bogart made his remarks during an
interview on CNBC’s Fast Money show Dec. 17.
Bitcoin is now trading around $3,550, up 2 percent and capping
gains of around $260 in 24 hours before press time. The coin,
however, is over 82 percent down from its price point this time last
year.
Emphasizing that Blockchain Capital is a “long-term venture
investor,” Bogart told CNBC:
“Could Bitcoin go to $50,000? Absolutely. It doesn’t have
the same kind of price-to-earnings, enterprise value to
revenue that normally puts a kind of upper bound or a
ceiling on a typical early-stage technology company [...]
How long will it take? I’m not sure.”
After CNBC host Melissa Lee criticized the belief that the historic
2017 bull run “could only go higher,” Bogart said “there is
absolutely nothing wrong with the [bull] thesis,” but noted that up
until recently, the Bitcoin market has been “almost entirely driven
by retail [investors].” This, he suggested, still results in bull
market runs “going a little too high,” and conversely, bearish dips
“too low.”
Bogart stressed that notwithstanding short-term price weakness,
the “fundamentals” of the technology and concept are still there. In
particular, the VC exec stated that 2018 has seen major
advancements in scaling, with the Lightning Network helping to
“transact extremely cheaply, and extremely quickly.”
He further pointed to increased institutionalization of the asset
class, with this year’s endowments from United States Ivy League
universities such as Yale and Harvard, forthcoming Bitcoin
derivatives and the global digital assets trading platform from the
Intercontinental Exchange’s (ICE) “Bakkt ,” and the establishment
of more qualified custodians for crypto assets.
Bogart’s last bullish remarks highlighted the outstanding “quality
of talent” entering the crypto space, suggesting that the “best and
brightest” are coming in to “work on Bitcoin.”
With one last consideration of price volatility, Bogart said that
Bitcoin today could also “absolutely” go lower — “anywhere
between here and $2,000 or even $1,000” — but that all of these
price points represent “a great buying opportunity,” adding:
“When we look back 24 or even 12 months from now, we’re
going to say, ‘why didn’t I buy then?’”
In recent comments, crypto bull and co-founder of Fundstrat Global
Advisors Thomas Lee said he believes the “fair value of Bitcoin is
significantly higher than the current price.” He proposed a figure
between $13,800 and $14,800, considering the number of active
wallet addresses, usage per account and other factors influencing
supply.
https://cointelegraph.com/news/