The world of cryptocurrencies has been in the midst of bullish rises and bearish falls that have resulted in marked shifts in investor sentiments. The current market atmosphere has also resulted in a lot of cryptocurrency proponents speaking for the industry and where it could go from the current price slump.
In an interview with Bloomberg, Spencer Bogart, a partner at Blockchain Capital and a popular Bitcoin advocate spoke about the future of the crypto space and the effects on institutional investors. The discussion started with the Bloomberg panel opining that Bitcoin is back in the short term, while accepting that a lot of work needs to be done in the long term. This point was backed by technical indicators and the multitude of regulatory issues that have acted as obstacles for the space.
Spencer Bogart stated that institutional investors have not ceded the price and advised that it is a good time to buy Bitcoin right now. He said,
“The investor sentiment has not slumped at all with more and more companies coming into the space. It is not just that the numbers are going up, the quality of investors has also gone up. Another significant pointer has been the tension between globalization and nationalism. This is why Bitcoin is the most compelling asset right now.”
The Bloomberg panel further added that institutions might look at Bitcoin as a proxy to Gold while others are still speculative cryptocurrency assets. Bogart however, retorted by claiming that as each day passes, Bitcoin goes from scary and unknown to trusted and proven. According to him, the demand for cryptocurrencies from the tech sector has also spiked, which is another positive.
The Blockchain Capital official further said that Bitcoin is a platform that many can build on and that the market needs some time to pass between the earlier bull market and the current bear market. Since JPM Coin has been making the rounds lately, Spencer Bogart added a few comments of his own on the proposed digital asset. He admitted that JP Morgan is doing something significant with the trend being towards stability and value. In his words,
“If we are looking at the significant players in the market, I wouldn’t go further than Bitcoin and Ethereum. We can consider Ripple’s XRP somewhere down the line.”