Blockchain Venture Capitalist: Bitcoin Could Be The World’s Most Compelling Asset

Blockchain Venture Capitalist: Bitcoin Could Be The World’s Most Compelling Asset

02/21/19 9:21 PM 2019-02-21 22:18:08
It isn't a secret that Bitcoin (BTC) has been beaten and bruised to hell and back over 2018. From its $20,000 peak in late-2017, the preeminent cryptocurrency has fallen by over 80%, as sell-side pres

It isn’t a secret that Bitcoin (BTC) has been beaten and bruised to hell and back over 2018. From its $20,000 peak in late-2017, the preeminent cryptocurrency has fallen by over 80%, as sell-side pressure rocked the market over recent months. This has led many common Joes and Jills, especially those with ties to mainstream media, to claim that BTC has finally bitten the dust after a decade-long run.

But one industry insider, whose firm invests in blockchain- and crypto-centric startups, claims that Bitcoin is back. But is it back with a vengeance? And will it stick around?

Crypto Space Looks As Promising As Ever

In a its own digital asset, while two Bitcoin exchange-traded funds (ETF) were pushed to the U.S. Federal Register. Crypto platforms backed by Fidelity Investments and the Intercontinental Exchange also have impending launches, further cementing the idea that Wall Street is keeping a close eye on this nascent asset class.

“Now’s A Good Time To Buy”

When asked about whether BTC has bottomed, Bogart told the Bloomberg anchor that he isn’t all too sure. However, the Blockchain Capital representative went on to note that now remains a good time to buy Bitcoin, even if lower lows could potentially be inbound. Bogart subsequently explained why he believes accumulation would be wise:

This industry hasn’t slumped at all really… We operate a fund that invests in both digital assets and companies themselves, and we see more higher-quality companies come into [our offices] everyday. Behind the scenes when you think of the macro environment, with rising debt levels, money printing, the tension between nationalism and globalism, and jurisdictional competition, there’s a strong case to be made that Bitcoin is the most compelling asset in the world right now.”

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Bogart didn’t pull this claim out of his butt if you will, as U.S. public debt recently surpassed $22 trillion, even as the Federal Reserve continues to enlist dramatic quantitative easing strategies. There are also a number of spats between global powerhouses, namely the U.S. and China, all while Brexit and the Yellow Vest movement have posed a threat to the European economy.

Fundstrat Global Advisors, a New York-based investment advisory outfit, also claimed that a weakening macroeconomy could rapidly become a decidedly bullish catalyst for Bitcoin, especially as money from traditional markets potentially seek refuge in the cryptocurrency space.

What’s In It For Bitcoin In The Long Run?

Concluding his appearance on the show, Bogart touched on what’s going for BTC in the long-run. The first he drew attention to was the surprisingly simple “passage of time.” He explained that every day Bitcoin stays alive, it goes from less scary and unknown to more trusted and proven.

Bogart then touched on the fact that over time, institutions and central banks may look into diverting their traditional investments into this newfangled asset, especially due to its non-sovereign, deflationary, and decentralized nature.

Lastly, he noted that Bitcoin could garner traction in the realm of technology, as its programmability could give it a copious amount of use cases over time.

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