Spencer Bogart, of Blockchain Capital, recently discussed his outlook for bitcoin and cryptocurrency on “Bloomberg Technology.” Here is what he had to say.
The big question that interviewer Emily Chang posed to Mike McGlone was whether bitcoin is back. In response, McGlone stated that in the short term, but in the long term “probably not.” Further, several indicators show that the market is a ways away from a typical bottom that one normally sees.
Bogart responded as well, stating that bitcoin is back, but we are probably not ready to see all-time highs. There are more regulatory shoes that need to drop, but for now, activity and interest have not seeded with space. Further, now may be a
“very good time to buy.”
Chang then asked Bogart whether institutional interest has slumped. Bogart does not believe that it has slumped.
“We are seeing more and more companies coming in every day, and higher quality entrepreneurs as well.”
“there is a strong case that can be made that bitcoin is the most compelling asset in the world right now.”
Chang then asked where the new demand will come from.
McGlone pointed to institutions and though bitcoin is a good investment, gold is better. Bogart also responded to the question, stating that there are three main buckets of demand going forward. The first is the passage of time – allowing for bitcoin to go from “scary and unknown to trusted and proven.” The second is “from central banks and institutions which view it as a non-sovereign digital asset with scarcity.” The third is tech demand.
Chang also asked what are some indicators that could end the bear market.
Bogart stated that we
“need more time to pass between the bull market of 2017 to where we are today.”
Chang finally asked what coins should be watched and which shouldn’t.