Blockchain Capital Partner Still Believes Bitcoin Will Reach $50,000, Now Is Great Time To Buy BTC
Blockchain Capital Partner Still Believes That Bitcoin Will Reach $50,000, Despite Major Losses In 2018
Bitcoin has not had a good year. Yesterday marked an entire year since Bitcoin topped its charts at nearly $20,000, and it seems that the community was ready to celebrate. The altcoins followed a 9% Bitcoin spike, bringing them up to a double-digit rally. With this boost, which followed a major low for the last month, many investors found hope in this boost, with many wondering if a crypto boom is coming next year. Furthermore, they seem to be wondering what cryptocurrency will do to keep the ball moving in the future.
Blockchain Capital, a venture capital company that focuses primarily on blockchain startups, was featured on CNBC’s “Fast Money” when partner Spencer Bogart provided his vision of the industry’s future. Bogart is highly in favor of cryptocurrency, starting his segment with the accusation that substantial retail speculation was to blame for the industry’s recent collapse. However, he explained, “The reality is that the fundamentals haven’t changed.”
Other than the low price of Bitcoin, Bogart sees this year as a good one for the crypto community.
“Forget prices. This is the first year in which we started to move to scale bitcoin with the Lightning network, where you can transact extremely quickly and extremely cheaply.”
The industry welcomed the Lightning Network as a Bitcoin scalability solution. With this initiative and others, it is possible that the industry is readying themselves for the mainstream adoption that it needs to continue thriving.
Bogart believes that many institutional investors with a lot of weight to throw around will help the industry to thrive into the future, focusing on Yale, MIT, and Harvard as funding sources. His idea of these endowments as support is much like that of Michael Bucella, who is a partner with BlockTower Capital. Bucella recently said that he believes that these awful conditions of the market will end up pushing the institutional investors into the space.
The conversation turned to the opportunity affording to individuals that want to get in on Bitcoin, as anchor Melissa Lee asked If the $3,200 price was a good time to get involved. Bogart, being the crypto bull that he is, believes that the price could go as low as $1,000 while remaining a “fantastic buying opportunity.” However, there could be tons of regret for potential investors in two years, looking back and thinking that they should’ve gotten in at the low price while they could.
Naturally, this conversation segued to the potential price that Bitcoin could reach. At this point, the host somewhat fished for if $50,000 would be a realistic price tag at some point, which Bogart confirmed, despite being over double what the highest high has ever been. Elaborating, he said,
“Bitcoin does not make a kind of price-to-earnings or price-to-value revenue that normally puts an upper bound or a ceiling on a typical kind of early-stage technology company. Bitcoin can surely reach that high. But how long will it take? We are not sure yet.”
Bogart offered no prediction on exactly when this price would end up coming to fruition.