The phrase, “Don’t count your chicken before they hatch”, goes into play when it comes to Spencer. According to a recent interview by CNBC, he believes Bitcoin [BTC] is still an investment and a good buy.
The Bitcoin market has fallen immensely in the past weeks. However, Spencer Bogart had given an outline of a bullish act when looked at in long terms.
“The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occuring…Every major bank is trying to do something in the space. Either they’re going to be offering Bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk.”
He even went to the extremes of saying that BTC is the only coin investors and traders should buy, as it peaks into the mainstream.
The Venture Capitalist partnered at Blockchain Capital said:
“Every major bank is trying to do something in the space.”
He further added:
“Either they’re going to be offering bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk. A deeper institutionalization of bitcoin is overall positive.”
Currently, there are negative performances in the cryptocurrency market and it’s continuing on that path. It surged around $19,500 last December and has fallen to more than 50% since the January 2018. Bitcoin is trading at $7471 with an increase of 2.58% in the past 24-hours and has seen a downfall of 9% in the past week, at the time of writing.
He is known as the first analyst of Wall Street to cover and analyze Blockchain and Bitcoin Technology. Bogart had recommended the investors to sell the coins – Tron, NEO, and IOTA.
“A lot of those tokens are overvalued. They could go up significantly, but they also have a significant headwind.”
He also suggests investing in alternative coins such as Ripple [XRP], Ethereum [ETH], EOS, and Bitcoin Cash [BTCH], those which he had called neutral. He advised the investors to HODL those coins at the present, stressing on the cons of relative valuation.
He further mentioned that he is careful with the coin, Ethereum. He said that it has overhangs due to plenty of ICOs.
Bogart forecasted that BTC will end at least above $10,000 by December 2018, mentioning that the large-cap coin will face turbulence in the market.
quasim ali, a cryptozoologist on Twitter commented:
“Bcash is on a losing streak as well. How about we FODL that and HODL btc.”
Robert Almeida commented:
“HODL is a term created by whales. If I had simply hoddled Id be where everyone else is. No thanks. I’m not a sheep and that’s why I move my BTC in and out of Fiat. I’ve pulled 10s of thousands in cash out while still buying back in and ending up with more BTC.
“Why don’t you just stop reporting on
#Bitcoin…. That’s a much better option. Once again you loons are just trying to be in something acting like you know something. You know nada!”
Joseph Young tweeted:
“Two words I really don’t want to hear this week: Institutional Investors.”