A partner at Blockchain Capital has said he believes investors will regret not buying-in at current low prices.
We’re a few days into an uncharacteristic bull run (for this year, at least) in the crypto market, and there’s definitely a more positive sentiment around – though it could be that holiday cheer.
Speaking on CNBC’s “Fast Money” segment, Spencer Bogart emphasised his bullish outlook:
“Could Bitcoin go to $50,000? Absolutely. It doesn’t have the same kind of price-to-earnings, enterprise value to revenue that normally puts a kind of upper bound or a ceiling on a typical early-stage technology company.
How long will it take? I’m not sure.”
As of writing, a Bitcoin is worth $3859 up from its $3191 low reached just four days ago on December 15th. Some ‘altcoins’ have performed even better, like Stratis, which increased 52.57
A whopping $15 billion has been added to the market cap since yesterday, according to CoinMarketCap. The overall cap swelled from $113 billion on Dec 18th at 00:02 UTC to $128 billion on Dec 19th at 13:32.
While it’s too early to call the end of the bear market which has defined this year, it feels we may have – or are close – to bottoming out.
Boggart warns there may still be price volatility and Bitcoin could even drop to $1000 but any price between that and where we are today presents ‘a great buying opportunity’. He further adds: “When we look back 24 or even 12 months from now, we’re going to say, ‘why didn’t I buy then?’”
Behind the scenes, the fundamentals of blockchain technology have been improving greatly and it won’t be long before we see more real-world adoption. Bitcoin’s adoption of the Lightning Network is one such development, helping to ‘transact extremely cheaply and extremely quickly.’
While Lightning is providing off-chain scaling, newer
Along these lines, Boggart highlighted the ‘quality of talent’ entering the space and the ‘best and brightest’ are coming in to ‘work on Bitcoin’.
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