Spencer Bogart of cryptocurrency and blockchain venture firm Blockchain Capital mentioned in an interview with Bloomberg Television, that now is a good time to buy Bitcoin. According to Spencer, Institutional money should start to flow in since entrepreneurial activity has not slowed down.
While speaking to Bloomberg Intelligence’s Emily Chang and Mike McGlone on “Bloomberg Technology,” Bogart expressed an overwhelmingly bullish sentiment over the long-term, importantly noting that although Bitcoin may not be ready to surge back towards its all-time-highs quite yet, the growing entrepreneurial activity and institutional interest makes now a good time to buy.
“Bitcoin never left, it’s always been here. So, is it back? It’s definitely back… are we ready to see new all-time-highs? Probably not yet. I still feel like there are still a few more regulatory shoes to drop, but for now the entrepreneurial activity and the institutional interest in the space has not seated with the price,” Bogart said.
His comments regarding Bitcoin and the cryptocurrency industry seeing increased adoption and internal growth that has not yet been reflected in the markets came about after Bloomberg’s Mike McGlone bearishly stated that BTC is still firmly in a bear market, and that it is still “way far away from a typical bottom you’d normally see.
When responding to Chang’s question regarding if Bitcoin has hit bottom, Bogart said that he believes “I think now is a very good time to buy. Is it the absolute bottom? Note sure.” but further adding that he does not know if it has established a long-term bottom yet.
McGlone also responded to this question and bearishly noted that he believes Bitcoin and the crypto markets still have further to fall before they establish a firm long-term bottom.
According to Bogart, we could soon see institutions to start entering the cryptocurrency space. Bogart noted that from a fundamental standpoint, withholding price action, this industry remains strong.
“It hasn’t slumped at all really in terms of entrepreneurial activity… We see more and more companies coming in every day, and higher quality [projects] too. Behind the scenes when you think of the macro environment, with rising debt levels, money printing, the tension between nationalism and globalism, and jurisdictional competition, there’s a strong case to be made that Bitcoin is the most compelling asset in the world right now.”
See the full interview with Bogart here:
See the full interview with Bogart here:
