In may, the cryptocurrency market is clearly ruled by the bears. However, the venture capitalist Spencer Bogart (Spencer Bogart) believes that there is nothing wrong – on the contrary, the greatest opportunities to buy bitcoin.
Bogart argues that the current market situation creates the ideal conditions for buying cryptocurrency. He explained:
«Every major Bank is trying to do something in the industry. He will either be to provide bitcoin to their clients or to work on a platform for storage assets, or to open a trade cryptocurrencies. More serious institutionalization of bitcoin in General – a positive trend.»
However, bitcoin is the largest cryptocurrency by market capitalization — this month is losing ground. Reaching a high of almost $20,000 by the end of last year, bitcoin has fallen by more than 50% in 2018 and remain fears that his downward spiral is far from over. At the time of writing, bitcoin is trading around $7 a 100, and some analysts fear that it is on track to $6 000.
However, Bogart did not lose faith in bitcoin. He told CNBC:
«I think about the future – what will happen in a year or two. Can bitcoin be worth even less? Of course. Do I think in a year it will cost more? Definitely».
Don’t believe Aldona
However, the optimism of Bogart does not extend to altcoins. He noted in an interview with CNBC that the majority of cryptocurrencies available for trade, «a lot of promise, but will not be able to live up to their promises.» He added:
«Meanwhile, there are several cryptocurrencies that demonstrate superior performance in all your applications. Bitcoin is one of them.»
The investor recommends to sell oldoini such as Cardano (ADA), TRON (TRX), IOTA (MIOTA) and NEO (NEO). «Many of these tokens are overvalued, explained Bogart. «They can go a long way, but their way too many obstacles.»
Partner of Blockchain Capital also exhibits caution in relation to the ether (ETH), the second-largest cryptocurrency by market capitalization and a dominant platform for IPOs tokens (ICO). Bogart explained that a large number of ICO, created on the basis of Ethereum, is a concern, especially if they don’t succeed.
On the other hand, Bogart recommends that, given current market conditions, to keep cryptocurrencies such as Ripple (XRP), Bitcoin Cash (BCH) and EOS (EOS).
During the first half of this year, investors continue to make predictions on the price of the cryptocurrency, and to recommend to the users of these or other strategies to their portfolio. Recently co-founder and strategist at Fundstrat’s Tom Lee said that bitcoin will reach $25,000 this year, and that this leap «can happen for a few days.» In addition, previously his company, published a poll
investors, which found that 82% of them believe that the minimum price of bitcoin passed.
In General, the forecast prices of bitcoin have not done just lazy – we recently published the TOP 10
loud statements of different companies and investors predicting a price increase from $20 000 to $1 000 000. One of them will be right – time will tell, but for now the only thing to advise members of the crypto community is to maintain control of your private keys, and beware