It’s kind of unusual to hear a good word about coins this week, as bearish patterns continue to dog Bitcoin, ETH, EOS and other top cryptocurrency offerings – but some investors and industry leaders are uncowed – and they’re not shy about telling the world.
Today Cointelegraph is reporting remarks by Spencer Bogart at Blockchain Capital, a venture capital firm for the crypto market as claiming that the upside for crypto currencies is still “gigantic.”
In a November 19 interview, Bogart underlined his Bitcoin-positive viewpoint talking about the role of programmable money in future markets and calling it (in the parlance of many a passionate inventor) a “multitrillion dollar idea.”
As for specific plays, Bogart puts still puts Bitcoin way out in front – noting the size of the Bitcoin community and the consistency of interest.
This isn’t the first time that Bogart has come out in favor of crypto markets even during unpopular seasons – a look at his Twitter account shows many of the arguments for long-term Bitcoin adoption and investment, including efforts to “convince normals” of the value of the crypto market or “welcome newbs.”
If you’re in this camp, you’re really not going to be swayed too much by doom and gloom prophecies around Bitcoin, even when its price contracts by 20% or 25%. By the long-term bullish philosophy, that’s just an opportunity to buy low.
Bogart isn’t the only one to come out in favor of Bitcoin this week – you can see some institutional investors talking about why they stay the course – albeit with some interesting back and forth, as in the case of Tom Lee of Fundstrat.
Lee is a much-heralded Bitcoin bull who is prophesying very big prices in the course of just a few years. However, we have conflicting reports: while Wall Street Journal/CNBC coverage from the 16th shows Lee downgrading his year-end 2019 price to $15,000, Andreas Kaplan at Smartereum says as of today, Lee is standing firm on $25,000.
Whether it’s $15,000 or $25,000, though, it’s very bullish, and the Bitcoin enthusiasts make clear they expect to see these price spikes continue. $125,000 in 2022, anyone?
It’s all about recognizing the major sea change regardless of short-term volatility and standing by crypto currencies even while they navigate rough waters. Stay tuned for more on short-term and long-term Bitcoin projections.