Should you buy Bitcoin? Know here what this man says
Cryptocurrencies such as ethereum, ripple, Bitcoin and EOS have ouind favour with blockchain venture capitalist Spencer Bogart. Bogart says Bitcoin's increased use is the proof that the cryptocurrency is becoming more institutionalised
Cryptocurrencies such as ethereum, ripple, Bitcoin and EOS have ouind favour with blockchain venture capitalist Spencer Bogart. Bogart says Bitcoin's increased use is the proof that the cryptocurrency is becoming more institutionalised. He, however, advised that those who are holding coins like Cardano, TRON, IOTA and NEO should sell them. He was optimistic about the fate of ethereum, ripple, Bitcoin and EOS. "Every major bank is trying to do something in this space," he told CNBC.
"Either they are going to offer bitcoins to their clients, they are working on a custody platform or they are opening up a trading desk. This is overall positive," he added. His optimism flies in the face of recent Bitcoin setbacks. Investors have suffered huge losses, and there looks like no end in sight. This was the longest running streak of losses since September 2017 for Bitcoin. This crypto's price is still falling on the bearish sentiment.
Bogart suggested however, that many altcoins are likely “overvalued” and “have a significant headwind,” emphasizing the dangers of relative valuation. He drew a parallel between the Initial Coin Offering boom in 2017-18 and the dot-com boom of early 2000s. He said many altcoins are likely “overvalued” at this point. Bogard said that Ethereum currently has “a lot of overhang” because of many “overvalued” tokens that are built on its platform. However, Ethereum's future will depend on the development of IOC platform, he said.
Bitcoin lost value nearly every single day throughout 2018. After touching $20,000, the virtual currency is now struggling to retain its $7,000 level. Even as there are a lot of craze in India for bitcoin, the Indian government has not yet able to come up with a policy to control the virtual currency. Earlier, the RBI and the Finance Ministry warned against the use of virtual currencies.