Bitcoin [BTC] faces “headwinds” but is soon to materialize, says Spencer Bogart

On 26th May, a blockchain capital partner Spencer Bogart stated in an interview with CNBC’s ‘Fast Money’ that he is not going to be bullish about the Bitcoin story, instead, he believes that the institutionalization of Bitcoin is extremely evident after the ‘Blockchain week’ in New York, earlier this May.

In the aftermath of Bitcoin facing the longest three weeks of losses, he claims that Bitcoin is not going away anywhere, anytime soon. The ICO boom that happened in 2018 will make a comeback where the Bitcoin trades will go higher in the next year.

CNBC Fast Money

Bogart was quoted as saying:

“Every major bank is trying to do something in this space. Either they are offering Bitcoin to their clients, working on a custody platform, or opening up a trading desk.”

The cryptocurrencies like Ethereum or Ripple are going to offer some of those crypto assets to their clients, he mentions. He also believes that Bitcoin could face some “headwinds” here and there, but it is going to get higher because of a major currency-crisis that might generate within the next few years.

He then spoke about Ethereum:

“Ethereum has a lot of tokens which are over-valued and these ICO’s are built on top of Ethereum. Their token ETH is used essentially as a fuel for more people to invest into these ICOs.”

Bitcoin is currently traded at $7550.55 with a circulating supply of 17.55 million. It has had an upsurge of 1.23% in the past 24 hours.

He says:

“The ICO’s are a dangerous game. Most of them are over-promising and under-delivering.”

Relative evaluation does not make any sense when it comes to such a broad market. Bitcoin will materialize in coming years because of deeper institutionalization. However, according to Bogart few of them are excelling at their use cases, and Bitcoin is one of them.

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