Even with the current collapse in prices in the cryptocurrency market, Spencer Bogart believes huge opportunities abound in Bitcoin. Bogart, partner of Blockchain Capital, also foresees a moment of greater correlation between the activities in virtual currency and the traditional technological actions.
Bitcoin will remain the number one
Talking about Bloomberg Tuesday, Bogart stated that, despite the current conditions of the bear market, the Bitcoin opportunities (BTC) 00 the presents are still gigantic. Bogart also went on to say that Bitcoin's operational premise – programmable money – was a multibillion dollar idea.
For Bogart, there comes a time when the Bitcoin utility will open. Commenting on this inevitability, Bogart said:
At this moment, some people [Bitcoin] because they have to and think in time, more people will use it because they have. Because he can do things that they can not do otherwise.
Going further, Bogart highlighted Bitcoin's continued dominance of the rest of the cryptocurrency market. According to him, instead of looking for the "next Bitcoin", smart money should be on BTC and its network effect significantly larger.
Bogart bases his argument on the concept that money is a "network effect ecosystem". So, with Bitcoin having the most substantial established network effect (higher than the rest of the combined market), the current top-class cryptocurrency will continue to remain there.
Regarding the correlation and the coupling
Regarding Bitcoin's correlation with traditional activities such as technological actions and its behavior towards the general cryptographic market, Bogart said that BTC had little relationship with the traditional business market. However, Blockchain Capital Partner predicted that a change would occur in the future once institutional money entered the industry.
With current selloffs in the mainstream market, questions about non-correlation and inverse correlation continue to elicit opinions from some stakeholders. For Bloomberg Joe Weisenthal, the current collapse of cryptocurrency prices shows that they may not be a safe haven as otherwise imagined.
Currently, cryptocurrency prices continue to fall with almost all the top 100 coins down in double-digit percentages in the last 24 hours. In October, Bogart predicted that Bitcoin would be close to the starting point.
Since the initial fall last Wednesday, BTC has fallen below the price of $ 6,000 and $ 5,000. The XRP recovered from the initial decline on Wednesday during the Sunday trading day, but has since joined the rest of the market significantly.
Do you think that the greatest opportunities in the cryptocurrency space exist in the Bitcoin ecosystem? Let us know your thoughts in the comments section below.
Image courtesy of CoinMarketCap, Shutterstock.