Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: MOProgress on December 18, 2018, 10:00:02 PM
-
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.”
Read more at cointelegraph.