Bitcoin price BOOST: Bitcoin will OUTLAST other cryptocurrencies, City & Business, Finance
BITCOIN is the most resilient of all the cryptocurrencies and is the safe toevluchthaven te the volatile digital currency space, a playmate at Blockchain Capital said.
Bitcoin and the cryptocurrencies like Ripple and ethereum fell dramatically te latest days, but Spencer Bogart, a blockchain investor has said that this is not the bubble institutional investors have long bot predicting.
Bogart said that amongst the cryptocurrency space, bitcoin is the safest option to avoid the volatile nature of the market.
Speaking to Bloomberg about bitcoin&rsquo,s latest downturn, he said: &ldquo,There&rsquo,s duo of different ways to framework this, is that the markets down 50 procent from it&rsquo,s all time highs.
&ldquo,The other way to framework this is it&rsquo,s up a 1000 procent overheen the past year right, so when wij talk about a correction here, truly all wij&rsquo,ve done is go back to the all time highs that wij set only six weeks ago.
Bitcoin is the safe toevluchthaven te the cryptocurrency space
I don&rsquo,t think wij&rsquo,re te a bitcoin bubble overheen the next three years
&ldquo,It hasn&rsquo,t bot much of a correction yet at least not ter comparison to some historical corrections.&rdquo,
Bogart said it will not be too long until institutional investors hop on the bitcoin bandwagon and legitimise the space.
He said: &ldquo,There&rsquo,s two different sides to the story here.
&ldquo,Very first, there is the bitcoin side and if wij attempt and think about what&rsquo,s going on te the market today, it truly makes sense te the setting of, there wasgoed a loterijlot of speculative activity leading up to the launch of thesis derivatives and futures products that should lead to the institutionalisation of bitcoin.
&ldquo,So I think that wasgoed a kleintje of sell the news type of event and some of those speculators that pilled ter beforehand exited their positions driving price a bit lower.
&ldquo,Now that being said, some people were expecting thesis institutions to come in the market and come bulbous out of the gate.
&ldquo,Ter reality institutions budge ter a scale more off years, not weeks or days right so I still think that story is going to materialise and it will thrust bitcoin higher but it might take a duo of months.&rdquo,
Bogart also quashed ongoing fears that bitcoin would be the thickest bubble ter history.