Unfazed by the crypto bear market, Blockchain Capital partner Spencer Bogart still sees Bitcoin’s rise as inevitable. He expects the digital currency to reach $50,000.
He previously predicted Bitcoin would hit $50,000 in 2018, but has since softened his target date to “not sure when.” Despite Bitcoin’s multiple price capitulations, breaking well below resistance levels from $8,000 all the way to $4,000, Bogart does not regard 2018 as a failure.
“2018 has been a fantastic year for Bitcoin,” Bogart says.
“Ignore the price. I mean, underlying it – the technology – this is the first year we’ve started to move to scale Bitcoin with the Lightning Network where you can transact extremely quickly and extremely cheaply. Meanwhile, the institutionalization of the asset class and the ecosystem itself are really only getting stronger.”
In fact, he sees BTC as a great buying opportunity.
“When we look back 24 months from now, even 12 months from now, we’re going to say, ‘Why didn’t I buy then?’”
He mentions the endowments from Yale, MIT and Harvard moving into the space, as well as qualified custodians and the New York Stock Exchange’s sister company Bakkt.
“And the most encouraging thing is the quality of talent entering the space. If you talk to young people, this has captured their imagination and a lot of the best and the brightest are saying, ‘I want to work on Bitcoin.’”
In a tweet on Monday, Bogart said that a “generational shift” was one of three main reasons why BTC will rise again.
Sources of BTC demand in years ahead:
1) Generational shift (teenagers want crypto more than cash & gift cards)
2) Central banks & institutions (demand for non-sovereign digital asset w/ absolute scarcity)
3) Programmable money (the opportunities of natively digital money = HUGE) https://t.co/5ubMJLQjZS
— Spencer Bogart (@CremeDeLaCrypto) December 17, 2018
Bogart is one of several Bitcoin bulls renewing positive predictions. Galaxy Digital CEO Mike Novogratz recently said Q1 2019 will drive the next bull run, while Wall Street vet Max Keiser thinks Bitcoin will “gobble up all fiat.”