Spencer Bogart, a partner at Blockchain Capital, says that this is the perfect time to buy Bitcoin (BTC). During a conversation with Bloomberg, he called Bitcoin “the most compelling asset in the world.” He also remains bullish about the future of the most popular digital asset.
Spencer Bogart Bullish About Bitcoin
The crypto bullish and expert Spencer Bogart remains very bullish about the future of Bitcoin. During a conversation with Bloomberg, he maintains the $50,000 price target for Bitcoin. This is very important for the market because Bitcoin has been in a bear trend since December 2017.
He has also explained that there are some catalysts for another Bitcoin boom in the future. He mentioned that there are global tensions, rising national debt and increasing interest from institutions. On Twitter, he said that it is very difficult not to see an increased demand for a sovereign digital asset with scarcity over the next 5 to 10 years.
I find it very difficult to make the case that there *won’t* be rising demand for a supra-sovereign digital asset with absolute scarcity over the next 5-10 yrs.
Even harder to make the case once you layer on the additional capabilities (& demand) unlocked by programmable money
— Spencer Bogart (@CremeDeLaCrypto) December 6, 2018
Regarding institutional interest, he highlighted the fact that there are several pension funds interested in purchasing Bitcoin. According to Anthony Pompliano, Partner at Morgan Creek Digital, pension funds could benefit from Bitcoin in the long term.
If they are able to allocate at least 1% of their funds in this digital asset, it might be possible for them to be able to perform very well in the future. Pompliano recently announced that they will start a $40 million crypto venture fund anchored by two public pensions.
The second thing that is worth mentioning is related to global tensions and growth in national debt. Bogart shows that there are some conflicts between those promoting globalism and others proposing populism. Furthermore, national debt is also growing at very fast rates. The US national debt has recently hit $22 trillion.
Fundamentals behind Bitcoin continue to grow as well. During the last months, the Bitcoin network continued to work even when it was being affected by a bear market. The number of transactions is reaching the same levels as during the last bull market. Segregated Witness (SegWit) adoption is also growing and the Lightning Network (LN) keeps expanding.
Finally, Bogart claims that Bitcoin is stronger as time passes. He said that every single day that Bitcoin is alive, it goes from “scary and unknown to trusted and proven.”
Now, Bitcoin is being traded around $4,000 and it has a market capitalization of $69.88 billion.