Spencer Bogart, a blockchain venture capitalist has said that Bitcoin is still in the game despite the recent price struggle. According to him, the increase in the number of use cases proves that Bitcoin is becoming more institutionalized. He encourages cryptocurrency enthusiasts to sell other coins like NEO, Cardano, IOTA and TRON but not Bitcoin.
Why Spencer Bogart Says You Should Hold Bitcoin
During an interview with CNBC, Spencer Bogart said that Bitcoin is gradually becoming an institutionalized form of money.
“Most major banks are trying to tap into the Bitcoin network”. They are either offering clients Bitcoin, making provisions for a custody platform or making trading desks available for Bitcoin users. The institutionalization of Bitcoin is positive worldwide”, Said Bogart.
Bitcoin is currently going through a hard phase as it is struggling to end a downward correction rally and go back to its former glory. Since it reached its all time high in December, Bitcoin has dropped by over 50%.
Amid the news of regulatory scrutiny on Thursday, Bitcoin fell below $8,000 and on Friday, it fell as low as $7,400. Even with this decline, Bogart is still positive about Bitcoin. In fact, he recommended that coin buyers ditch every other coin and stick to Bitcoin.
According to him, many other cryptocurrencies don’t deliver on their promises but a few are excelling with Bitcoin taking the lead.
In his words:
“Many coins are overvalued. They go up and fall down significantly. But coins like Ripple, Ethereum, Bitcoin Cash, Bitcoin and EOS are somewhat neutral.
While he is still cautious about the other recommended coins, he holds no reservations for Bitcoin. He said that he believes Bitcoin will sell as high as $10,000 before the end of the year even with the current situation.
He said that Bitcoin’s value will increase dramatically in the next few years. He acknowledged that it may trade lower and lower now but it will certainly go higher from next year.