Spencer Bogart Advices Investors to Buy Bitcoin and Sell Altcoins

Spencer Bogart, reported as the first Wall Street analyst to cover Bitcoin and blockchain and a partner at major Venture Capital firm Blockchain Capital, stated in an interview on Saturday 26th May that despite Bitcoins recent losses it retains a strong buy. Spencer added that the price of Bitcoin will exceed ?at least $10,000 before the end of this year.

As the interview intro stated, Bitcoin has been in the negative for about 3 weeks, its ?longest running streak of losses since September 2017. Notwithstanding, Spencer Bogart made a bullish prediction for the long term. He stated that:

?The long-term thesis is very much intact The institutionalization of Bitcoin is absolutely occurringEvery major bank is trying to do something in the space. Either theyre going to be offering Bitcoin to their clients, theyre working on a custody platform or theyre opening up a trading desk.

Spencer proposed that a number of altcoins are possible ?overvalued and ?have a significant headwind. He emphasized the dangers inherent in relative valuation of altcoins. Spencer, outlining a similarity between the late 2017-early 2018 ICO boom and the early 2000s dot-com boom, warned that many altcoins are simply ?over-promising and under-delivering.