Despite Bitcoin’s recent price wars, crypto entrepreneur Spencer Bogart is convinced that the crypto currency number 1 will continue to rise over the next five years. The “Blockchain Capital” partner also sees no significant negative effects of Chinese policy on BTC performance.
Bitcoin’s price will continue to improve
In an interview with Bloomberg, Bogart expressed optimism about Bitcoin’s future. Regarding the potential for further BTC price growth, Bogart said:
“I think it’s a braver or riskier bet to say that Bitcoin will be less successful in the next five years than it has been in the last five. I mean, all trends point to something else.”
According to Bogart, the potential of the leading crypto currency is clearly discernible in the long run. According to Bogart, temporary price action trends should not distract from the steady developments in the network’s fundamentals.
This consistency and the growth of companies that act as a point of contact in the market only allow one conclusion for Bogart: BTC will continue to rise. Bogart consistently argues that price declines have no negative impact on the Bitcoin fundamentals.
No approval from the authorities required
The “Blockchain Capital” partner also emphasizes the difference between Bitcoin and digital asset projects such as Facebooks Libra. According to Bogart, Bitcoin does not require regulatory approval due to its global reach and lack of a central authority responsible for the crypto currency.
However, Bogart explained that clear regulatory measures would be positive for the mass distribution of BTC. The crypto entrepreneur commented on China’s role in Bitcoin’s success with the following words:
“I don’t think Bitcoin’s future depends in any way on what China does.”
According to Bogart, it is difficult to read between the lines what the Beijing authorities are doing about Bitcoin and crypto in general. Platforms like Huobi and OKEx seem to be being treated positively by regulators in China despite the recent raids against crypto trading.
Bogart also confirmed the hype surrounding crypto- and blockchain-related news from China. According to Bogart, these events may even have played an important role in the pricing of the number 1 cryptographic set in recent months.
Bitcoin is still 63% below its all-time high (ATH) at the end of 2017, with prices currently rising by more than 80% over the course of 2019 (YTD).