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Spencer Bogart, a member of Blockchain Capital and a venture capitalist of Bitcoin and Blockchain, gave his views on the year of Bitcoin up to now on CNBC. Bogart said that in Blockchain Capital, they were long-term risk capital investors and not short-term investors, and that they were not making short-term price targets.
He referred to his previous prediction on Bitcoin which went to $ 50,000 per currency and said it could still happen and that there is still time. He added:
"Could Bitcoin go to $ 50,000? Absolutely, it does not have the same kind of enterprise-to-earnings revenue value that normally poses some sort of upper limit or ceiling compared to the typical type of early technology company." So with Bitcoin, absolutely, it can get so high. "
Referring to the predictions of most people in the industry who claimed that Bitcoin could only go back to its all-time high, Bogart said they were not wrong and that there was nothing wrong with their thesis.
He also said that Bitcoin, as a market, was entirely driven by retail operators and that it was very special, since it implied that in bull markets, the crypto-prices would have exceeded the real price and, in a bear market, the prices would fall more than expected
Bogart added:
"The reality is that the fundamentals have not changed, 2018 was a fantastic year for Bitcoin, ignore prices, at the base of technology, this is the first year in which we started climbing Bitcoin with the Lightning network … in the meantime, the institutionalization of the asset class and the ecosystem itself are only becoming stronger "
He continued that endowments like Yale, Harvard and MIT moved into Bitcoin / crypto-verse, which was a huge incentive for Bitcoin to gain institutional attention.
He also mentioned how Nasdaq and NYSE's sister company, Bakkt, are trying to move into space with Bitcoin derivatives. In addition to the above, Bogart said that the most important and encouraging movement that took place in 2018 was the quality of the talent that entered the space, which was a further impetus to the adoption of Bitcoin.
Adding to the above, Bogart mentioned:
"If you talk to young people, this has captured their imagination and many of the best and brightest are saying," I want to work on Bitcoin "."
Touching on the price of Bitcoin, Bogart said it was a great buying opportunity and that prices had a chance to get $ 1,000, and that would be a fantastic buy-in opportunity.
A Twitter user Darryl Henry Jr commented:
"I've just talked to my loyal company representative and they're gearing up with an entire encrypted department, it's coming, but as it comes, we can only speculate."
Zilla, another twitterati, commented:
"The only time I want to hear from CNBC is when we break ATH and tell everyone to buy it, so we can get a good FOMO rally again." That will be my sales signal. "
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