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"Buy Bitcoin, Dump Altcoins": Says Blockchain Venture Capitalist, Spencer Bogart – Inside Bitcoins



Spencer Bogart, Blockchain Venture Capitalist and Partner at Blockchain Capital said CNBC that Bitcoin is deeply institutionalized, gets more use cases and therefore still great

He also mentioned that some of the Altcoins like Ether, Bitcoin Cash or EOS are good, while Cardano, Tron, IOTA and NEO should be sold. Earlier, Bogart predicted that Bitcoin's future price could rise to $ 50,000 in 2018.

He also said that Bitcoin is far from being considered a security and therefore most likely will not be affected by government crypts.

Spencer Bogart Source: CNBC

Bogart said that every major bank tries to do something in Bitcoin space. Bitcoin is expected to be offered to its customers soon and a more significant institutionalization is on the way. This can actually lead to a price increase and a general gain of trust and much needed transparency.

The leading cryptocurrency, Bitcoin, which dominates the market by holding 38 percent of total market capitalization, could finally be reached in December 201

7 at $ 19,500 per coin, Bitcoin has dropped by over 50 percent since the beginning of 2018.

This downtrend may be over as we can see strong support for $ 7300, which keeps Bitcoin from falling lower. Bullish characters are also confirmed by many Bitcoin price speculators, including Jensen Huang, CEO of Nvidia, Dan Morehead, CEO of Pantera Capital, and Tom Lee, co-founder of Fundstrat.

Can Bitcoin fall among the strong? Support? "Sure," Bogart said. However, it is believed that it will only be a short-term decline and the coin itself will be seen at higher prices in one year. Bogart explained that bitcoins should trade at $ 10,000 and more. If that's true, this offers an excellent opportunity for investors as the risk / reward ratio is outstanding right now.

Dump the Alts

Not all cryptocurrencies received the same positive opinion. As Bogart said, they could be overvalued and face significant headwind in the future. Although they are risky to hold, they can still bring significant profits.

Bogart said that most ICOs are too promising and undercutting, while only a few of them are outstanding in their applications – Bitcoin, one of them

On the other hand, currencies such as EOS, Bitcoin Cash, Aether and Ripple have become neutral Opinion and advised investors to hold them. Investors should also pay the utmost attention to Ethereum, as many of the ICOs were built on top. If larger projects fail, that would be bad news for Ethereum.

It is worth noting that such statements are only speculation and every investor is advised to conduct his research before investing. While the general downtrend continues, a bull race could be just around the corner.

The Post "Buy Bitcoin, Dump Altcoins": Blockchain Venture Capitalist, Spencer Bogart first appeared on BTCMANAGER.


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