The phrase, “Don’t count your chicken before they hatch”, goes into play when it comes to Spencer. According to a recent interview by CNBC, he believes Bitcoin [BTC] is still an investment and a good buy.
The Bitcoin market has fallen immensely in the past weeks. However, Spencer Bogart had given an outline of a bullish act when looked at in long terms.
“The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occuring…Every major bank is trying to do something in the space. Either they’re going to be offering Bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk.”
He even went to the extremes of saying that BTC is the only coin investors and traders should buy, as it peaks into the mainstream.
The Venture Capitalist partnered at Blockchain Capital said:
“Every major bank is trying to do something in the space.”
He further added:
“Either they’re going to be offering bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk. A deeper institutionalization of bitcoin is overall positive.”
Currently, there are negative performances in the cryptocurrency market and it’s continuing on that path. It surged around $19,500 last December and has fallen to more than 50% since the January 2018. Bitcoin is trading at $7471 with an increase of 2.58% in the past 24-hours and has seen a downfall of 9% in the past week, at the time of writing.
He is known as the first analyst of Wall Street to cover and analyze Blockchain and Bitcoin Technology. Bogart had recommended the investors to sell the coins – Tron,