Blockchain Capital Partner on Bitcoin: "A great buying opportunity right now"

On Monday (December 17, 2018), Spencer Bogart, partner of Blockchain Capital, a venture capital company focused on cryptography, said during an interview that this was a great time to buy Bitcoin (BTC) and explained why.

Spencer made his comments on cryptographic space in general and on Bitcoin in particular during an interview with CNBC's "Fast Money" show, which is hosted by CNBC Melissa Lee and Fast Money merchants .

The segment with Spencer began by reminding viewers that that day a year ago (ie December 17, 2017), Bitcoin had reached its high historical price ("almost $ 20,000"), and that the buying frenzy that we had last year in cryptographic markets, experts have made very optimistic forecasts on the price of Bitcoin. Melissa then reminded us of some of these predictions:

• Mike Novogratz on November 27, 2017: "Bitcoin could be at $ 40,000 at the end of 2018"
• Ari Paul (CIO of BlockTower Capital) on December 26, 2017: "We could easily see over $ 50,000 next year"
• Tom Lee (Head of Research at Fundstrat) on January 9, 2018: "We think it will be at least $ 20,000 by the middle of this year" (and July 5, 2018, "We still think Bitcoin can reach $ 25,000 by the end of the year ")
• Arthur Hayes (CEO of BitMEX) on May 14, 2018: "$ 50,000 by the end of the year"

He also reminded Spencer that he predicted in a previous appearance on January 3, 2018 that Bitcoin would have reached $ 50,000 in the course of 2018.

Spencer began by explaining that in his company VC, they have a long-term vision:

"In general, in Blockchain Capital, we are long-term investors, so we are not realizing short-term price targets, because Bitcoins could reach $ 50,000? Absolutely … How long will it take?"

Melissa then told Spencer that it was hard to "believe the bull's case from here" if we do not understand "what was wrong with that thesis that led to $ 20,000". Spencer replied:

"There is absolutely nothing wrong with the thesis, the problem is that until recently the Bitcoin was a market almost entirely driven by retail, which is really unique, and what does it mean ?, let's go a bit # 39; too high, and in bear markets, we go too low, that's where we are now, the reality is that the fundamentals have not changed, I mean, 2018 was a fantastic year for Bitcoin. This is the first year we started moving Bitcoin with the Lightning network, where you can make transactions extremely quickly and extremely cheaply. Meanwhile, the institutionalization of the asset class and the ecosystem itself is actually, I just want to say, we've seen endowments like Yale, Harvard and MIT in space, and we've seen that Nasdaq and the New York stock exchange, Bakkt, start moving into space with Bitcoin derivatives. ified they move in space. And finally, probably the most encouraging thing is the quality of the talent we are seeing entering the space. "

In the end, Melissa asked Spencer if we had already seen the Bitcoin fund and if in the future we would look back and say "that was your buying opportunity". Spencer replied:

"Look, I think it's a great buying opportunity right now, could we go lower? Absolutely, anywhere from here to $ 2,000 or $ 1,000 is just a fantastic buying opportunity, I think when we look back in 24 months, even 12 months from today, will I say 'why did not I buy it then?'

At the time of the press, according to data from CryptoCompare, Bitcoin is trading at $ 3.677, up 7.71% in the last 24 hours.

Featured image Credit: photos via Unsplash.com