Spencer Bogart - partner at crypto venture capital firm - Blockchain Capital - believes that bitcoin is still a good buy, but that the picture is mixed for altcoins.
Talking to CNBC, the former equity analyst gave a broad reaching analysis of the state of the cryptocurrency market - insisting that despite a tough month for the biggest cryptocurrency - bitcoin is still worth buying.
Asked if he would ever concede that there was a situation where bitcoin is not a buy, he explained:
“If the story erodes and it’s not there, then I’m not going to be bullish on bitcoin. But the long-term thesis is very much intact...The instutionalization of bitcoin is absolutely occurring, that was very evident to anybody that was circulating around blockchain week in New York: every major bank is trying doing something in the space - either they’re going to be offering bitcoin to their clients, they’re working on a custody platform or they’re going to be opening up a trading desk."
Interestingly, Bogart also remarked that despite bitcoins recent woes, there seems to have been a fundamental shift in the general perception of the coin:
“This is the first downturn when I’ve tried to explain to people [that] bitcoin’s not going away…It's the first time that everybody’s response was “no of course…we know its not going away” - and to me that’s a huge change.”
While Bogart was generally bullish on bitcoin, he sees a more mixed picture for the altcoin market.
Rating the “no 2 to 7” coins as “neutral,” he rates ETH as a “hold” but pointed out that while he is generally optimistic, the fact that a lot of dubious ICOs have been built using ERC-20 tokens is a risk factor for the cryptoccurency. More broadly - Bogart sees the ICO market as largely underwhelming, claiming that:
“Most of them are overpromising and unverdelivering.”
With the top 10 cryptocurrencies all experiencing a major slide in the last month - Bogart’s latest remarks offer an interesting perspective on the state of the market and perhaps offer some hope to investors disheartened by the recent dip.