Bitcoin still a buy despite recent losses says blockchain venture capitalist. Here’s why.
Alternatives like ethereum, ripple, bitcoin cash and EOS, however, he described as “neutral” — and he told investors to hold for now.
Bogart said he’s especially cautious with ethereum, which he said has a lot of overhang because so many initial coin offerings (ICOs) have been built on top of ethereum. He pointed out that if the ICOs don’t work out, that could be bad news for the platform its built on.
Bitcoin, however, should “at least” end above $10,000 by the end of the year, Bogart said, but he acknowledged that the even the large-cap coin could face some headwind.
“But when I look out over the next year, two years, I mean the story is very much materializing,” he said of bitcoin increasing value.
“Could bitcoin trade lower? Certainly,” Bogart said. “But do I think it will be higher a year from now? Absolutely.”