From Bitcoin’s near-term prospects to an accidental airdrop from Binance, here’s a look at some of the stories breaking in the world of crypto.
Blockchain Capital’s Spencer Bogart and Bloomberg market analyst Mike McGlone just went head-to-head to discuss the current state of crypto.
Bogart says Bitcoin is probably the “most compelling asset in the world” but added he’s not sure whether the price of BTC has hit a bottom.
“Are we ready to see new all-time highs? Probably not yet. I still feel like there’s a few more regulatory shoes to drop. But for now, the entrepreneurial activity and the institutional interest in the space has not ceded with the price. I think now’s a very good time to buy.
Is it the absolute bottom? I’m not sure. Could be.
[Bitcoin] hasn’t slumped at all in terms of entrepreneurial activity. We operate a venture capital fund that invests in both digital assets and the companies, and we see more and more companies coming in every day, and higher quality entrepreneurs as well.
I think behind the scenes when you think about Bitcoin as an asset, we think about this vortex of a macro environment with rising debt levels at all-time highs, money printing, this tension between nationalism and globalism and this notion of jurisdictional competition. I think there’s a strong case to be made that Bitcoin is the most compelling asset in the world right now.”
As for McGlone, he says the major Bitcoin indicators he likes to watch show the bear market is probably not over.
“It’d be nice if it is a bottom, but I think it’s unlikely. Basically,