Blockchain Capital Exec: Bear Markets ‘Do Bear Things,’ but BTC Has ‘Gigantic’ Potential
Spencer Bogart, a partner at the venture capital firm Blockchain Capital, believes that crypto opportunities are “still gigantic” despite the current bear market, the expert claimed in an interview with Bloomberg on Monday, Nov. 19.
The expert at the crypto and blockchain-focused venture capital startup has maintained his pro-Bitcoin (BTC) stance, pointing out the critical role of “programmable money,” which is supposed to gain even more popularity over time.
Considering programmable money as a “multi-trillion dollar idea,” Bogart emphasized the fact that Bitcoin has become the “biggest bull markets of all time,” referring to the the massive spike of Bitcoin up to $20,000 in December 2017 from around $1,000 in the beginning of last year. The expert has stressed that although the current state of crypto market is opposite to last year’s — with bear markets doing “bear things” — it still does not diminish the overall “gigantic” potential of Bitcoin.
In the interview, Bogart has also expressed his “mono-crypto” position, claiming that Bitcoin has the “largest established network effect” and is “more than 5 times larger than the number two crypto.” The Blockchain Capital partner noted that the crypto community has been looking for the “next Bitcoin” since the emergence of Bitcoin, and suggested that this commitment to altcoins is a “dangerous game to play.”
Founded in 2013, Blockchain Capital aims to assist entrepreneurs in setting up global cryptocurrency and blockchain companies. According to Blockchain Capital’s website, the firm is one of the “oldest and most active venture investors in the blockchain technology sector,” having financed “72 companies, protocols and tokens since its inception.”
Earlier in October, Spencer Bogart had predicted that Bitcoin’s price has almost hit its bottom, noting that “bad news” last year appeared to “have no effect on the markets,” while now “we are seeing the other side of that.”
Recently, prominent Wall Street bull Tom Lee maintained his new prediction that Bitcoin will end the year at $15,000, citing the upcoming launch of the digital assets platform Bakkt by the operator of major global exchange New York Stock Exchange (NYSE), as well as the expected regulatory clarity, which will allegedly attract more institutional investments.
Backed by Intercontinental Exchange (ICE), the NYSE has recently confirmed that it is targeting a launch of the Bakkt platform on Jan. 24, 2019.
Yesterday, Nov. 20, the head of global trading and technology firm Susquehanna also claimed that he is still a long-term Bitcoin believer amidst the market crash.