Spencer Bogart, a partner at Blockchain Capital and a Bitcoin and Blockchain venture capitalist, gave his views about Bitcoin’s year so far on CNBC. Bogart said that at Blockchain Capital, they were long-term venture capitalists and not short-term investors, and that they weren’t doing short-term price targets.
He referred to his previous prediction about Bitcoin going to $50,000 per coin and said that it could still happen and that there is still time. He added:
“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 kind of an upper bound or a ceiling on the typical kind of early technology company. So with Bitcoin, absolutely, it can go that high.”
Referring to predictions of most people in the industry who said that Bitcoin could only go up from its all-time high, Bogart said that they weren’t wrong and that nothing was wrong with their thesis.
He also said that Bitcoin, as a market, was entirely driven by retail players and that it was very unique, as it implied that in bull markets, crypto-prices would shoot ahead of its actual price, and in a bear market, the prices would drop lower than expected.
“The reality is that the fundamentals haven’t changed, 2018 has been a fantastic year for Bitcoin, ignore the prices, underlying at the technology, this is the first year we’ve started to move to scale Bitcoin with the Lightning Network… And meanwhile, the institutionalization of the asset class and the ecosystem itself are really only getting stronger”
He continued that endowments like Yale, Harvard, and MIT moved into the Bitcoin/crypto-verse, which was a huge boost to Bitcoin gaining institutional attention.
He also mentioned how Nasdaq and NYSE’s sister company Bakkt are trying to move into space with Bitcoin derivatives. Apart from the above, Bogart said that the most important and the encouraging movement that has happened in 2018 was that the quality of the talent that has entered the space, which was yet another boost to Bitcoin’s adoption.
Adding to the above, Bogart mentioned:
“If you talk to young people, this has captured their imagination and a lot of the best and the brightest are saying, “I wanna go work on Bitcoin”.”
Touching on the price of Bitcoin, Bogart said that it was a great buying opportunity and that the prices had a possibility of going as low as $1,000, and that would be a fantastic buy-in opportunity.
A Twitter user Darryl Henry Jr commented:
“I just talked to my companies rep for fidelity and they are gearing up with a whole crypto department. It’s coming but how it comes we can only speculate.”
ZiLLa, another twitterati, commented:
“The only time I want to hear from CNBC is when we break ATH and they tell everyone to buy so we can get a nice FOMO rally again. That’ll be my sell signal.”