Buy Bitcoin Not Altcoins, Says Blockchain Capital’s Spencer Bogart
The right balance of investing in bitcoin or altcoins has long been under debate among crypto traders. However, Spencer Bogart, a partner at Blockchain Capital LLC, has declared traders are trading in the “wrong coins” rather than just betting on BTC. According to Bogart, most altcoins are overvalued whereas the granddaddy crypto is not.
BTC Is a ‘Strong Buy,’ Per Bogart
Trading in some of the sexier medium- or small-cap cryptocurrencies? Don’t, says Blockchain Capital’s Spencer Bogart.
In an interview with CNBC’s Melissa Lee and Fast Money Traders, Bogart said that the world’s largest cryptocurrency by market cap, bitcoin, is still a definite buy compared to other popular altcoins in the space.
Bogart explained his position, saying that no other crypto can boast of the same mainstream and institutional penetration that bitcoin is enjoying right now. Bogart noted that dynamic was evident at the recent “Blockchain Week” in New York, where mainstream financial executives were seen actively participating in all things bitcoin.
Indeed, powerhouse financial institutions like Goldman Sachs are pivoting toward the ecosystem with bitcoin-related services.
With a top-down approach then, Bogart thinks it’s best to avoid lesser market powers like NEO and IOTA, with sticking to big-cap coins like ether and bitcoin cash being more preferable in his mind and with consolidating mainly in BTC being his most ideal long-term market approach.
Still a Ways to Go, But Faith Is Firming Up
The mindset surrounding bitcoin has also changed significantly over the last decade.
In the past, when BTC value dropped by 50 or 60 percent, a cloud of fear used to develop and people seriously questioned if bitcoin was over. Such existential questioning has seemingly fallen by the wayside, even if the cyclical market fear remains. Even amid the current cryptoeconomy chop, the difference between today and crashes of the past is the exponential amount of development and adoption that we’re standing atop in the here and now.
In other words, the “fundamentals” are fundamentally different.
As such, Bogart predicts the bitcoin price will once again rise above $10,000 USD by the end of 2018.
Will institutionalization of BTC redefine the crypto space? Share your views in the comments section.
Images via Daily Express, CNBC