Major Business Opportunities are Still Available in Bitcoin and Cryptocurrency Markets
The cryptocurrency market has taken a dive lately, but there are still many crypto enthusiasts that believe that this is far from the end.
Spencer Bogart, for example, thinks there are still many opportunities in Bitcoin. As one of the partners for Blockchain Capital, Bogart believes there soon will be a connection between traditional tech stocks and virtual currency assets.
When Bogart spoke with Bloomberg on Tuesday, he said that the opportunities offered through Bitcoin are still substantial. He also noted that Bitcoin’s programmable money started a multi-trillion-dollar idea. Still, there is an inevitable path to be led when Bitcoin ultimately breaks the ceiling of its utility. Explaining, Bogart said,
“Right now, some people it [Bitcoin] because they have to, and I think over time, more people will use it because they have. Because it can do things that they can’t do otherwise.”
One of the factors considered is the way that Bitcoin is still rising above all others in the cryptocurrency market. For this reason, the goal should not be to seek out the “next Bitcoin;” instead, highlighting BTC and its effect on the network is a much safer bet.
His argument to this side is based on the idea that money is a “network effect type ecosystem.” Essentially, Bitcoin’s reign as the dominant network suggests that the top-ranked currency will stay with it.
As far as the connection between traditional assets and their behavior with the crypto market, Bogart does not think that there is a significant influence. Still, he believes that there will be an upcoming chance after other institutional investors come in to place.
With the way that many companies and individuals have been selling off their crypto assets, the question of whether this is correlated continues to plague some stakeholders. Joe Weisenthal of Bloomberg believes that the tanking prices show that they may not be the safe haven that investors imagine.
Right now, even though the losses are starting to settle down, they are still impacting nearly all of the top 100 coins in the double digits. This follows Spencer Bogart’s October theory of Bitcoin bottoming out, though it still has a while to go.
Since the drop began last week, BTC has dropped below the $5,000 mark. XRP has managed to recover for a moment but has gone back to its downward trend.