Bogart took over a segment of CNBC’s “Fast Money” and elaborated about the current and the future state of cryptocurrencies. With a vested interest in the ecosystem, he bestowed positive thoughts and predictions over the markets. He started his segment by pointing out that BTC’s reaching its all-time high and then the subsequent fall was catalyzed by the overabundance of retail speculation, rather than the collapse of this industry.
The fundamentals haven’t changed
Bogart added that despite the collapse, 2018 has been a great year for cryptocurrencies.
“The reality is that the fundamentals haven’t changed.”
Bogart also cited the entry of notable endowments, such as Yale University, MIT, and Harvard University in the ecosystem and that this is the sign of growth.
Sharing a similar sentiment to that of the Blockchain Capital representative, Michael Bucella, a partner at Ari Paul’s BlockTower Capital, recently asserted that despite the current downturn, the world’s “smartest money” continues to rush flock to crypto en bloc. Bucella points to the unprecedented mass of investment hotshots and institutional players, namely Yale’s David Swensen as the “smartest money,” comments.
Other institutional incumbents such as Nasdaq and Bakkt will be launching Bitcoin futures by 2019. Pointing towards all this and more, Bogart assures that the industry has nothing to fear. According to him, the “most encouraging” indicator in all of this is the inflow of the “quality of talent”. Further noting that many “young people” are fascinated by cryptocurrency and its underlying technology and the world’s “best and brightest” are planning to jump the wagon.
Read more: LinkedIn Reveals That 2018’s Most Growing Job Sector Is Blockchain Developer
When the CNBC anchor Mellisa Lee asked Bogart, whether the $3,200 dip is an optimal time to purchase BTC or other crypto assets from an investment standpoint. Bogart maintained his bullishness towards the token and stated that while prices could continue lower, “anywhere from here to $2,000, $1,000” remains a “fantastic buying opportunity.”
Being a true blue BTC loyalist, he noted that the token could breach the aforementioned price level, more than two times above its all-time highs, as the crypto’s valuation models aren’t constricted by PE (price to earnings) ratios, but rather by network value. In saying so, he also added that he can’t predict a timeline for this grand event.
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