"Investors are going to regret not buying Bitcoin right now"
Those were the words uttered by Spencer Bogart of Blockchain Capital.
Blockchain Capital is a venture capital firm that has specialized in investing in crypto and blockchain related projects over the past several years.
Spencer Bogart has been the face of the firm for some time now and has been a staunch bitcoin bull for at least the last couple years.
Him being bullish right now isn't all that surprising, but it is refreshing to hear amid most of the doom and gloom out there.
Specifically Bogart had this to say:
"When we look back 24 or even 12 months from now, we’re going to say, ‘why didn’t I buy then?"
Why does he think that?
After being criticized a bit for being overly bullish even as prices continued to decline he had this to say:
“Could Bitcoin go to $50,000? Absolutely. It doesn’t have the same kind of price-to-earnings, enterprise value to revenue that normally puts a kind of upper bound or a ceiling on a typical early-stage technology company [...] How long will it take? I’m not sure.”
He again is sticking to his long term bullish thesis, of 'we think higher but we are just not totally sure when.'
Also saying that bitcoin doesn't have some of the headwinds that a traditional company might have in terms of valuation models.
However, he would go on to offer at least a little insight as to why he thinks it will go higher and why he thinks it has dipped this much in the first place...
“There is absolutely nothing wrong with the [bull] thesis. However, up until recently the Bitcoin market has been almost entirely driven by retail [investors].This still results in bull market runs going a little too high and conversely, bearish dips a little too low."
And he thinks we are in the "too low" period right now.
Enjoy:
Stay informed my friends.
Follow me: @jrcornel
I think they are already regretting it.
Well, I think a very important sentence that he refers is: "BTC has been a market that´is almost entirely driven by retail" (starts at minute 2:14) ... "in bull markets we go too high, in bear markets we go too low".
This justifies all my predictions (that did not missed by much), I can't say I was right predicting this low, but since last year bull run I pointed to 2 numbers:
What is your time frame?
Well considering that it took us almost 1 year to reach my lower point, I´m guessing it will take almost 1 year to reach $35K.
But Initially I was expecting $4K (if it had to happen) by end of August, and then started to rise slowly to explode again at the end of the year and during the entire January. I guess I was wrong, especially on the bull part of my prediction.
Run Bulls Run! 🐂🐂🐂
Seeing some green today corndog!
Waves is up 40% today. They actually have a cool twitter page that actually communicates and interacts with people, imagine that !! I just happened to start following them a few days ago.
Nice, do you own any yet?
no, I only own Steem. I'm just another stubborn and lazy person. I don't have any real crypto wallet system set-up anywheres.
Markets in assets that are still immature will always overshoot in both directions as demand and supply will always be subject to sentiment which are also impacted by emotions which are often rational either.
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Correct. Especially when those assets are owned and traded primarily be retail.