Blockchain Venture Capitalist Spencer Bogart Believes Bitcoin Could Fall Even Lower
Bitcoin looks to have come back from the lows of last week, when it slumped to under $5800. At the time of writing, it is pushing $6200 once more. But prominent Venture Capitalist Spencer Bogart thinks that the slump isn’t over, and predicts new lows over the summer.
The reason, Bogart explained, is that the boom in crypto hedge funds last summer means that a number of funds are reaching their one-year lock-up. This, he believes, will trigger a large-scale sell-off that will see prices sink lower than they currently are – even if this is only temporary.
Bogart remains bullish on crypto overall in the long-term though, and believes that the current price is a pretty good entry point for investors. Meanwhile, Alibaba co-founder Jack Ma has told the media that he believes Bitcoin is a bubble, saying ‘Technology itself isn’t the bubble, but bitcoin likely is. It is not right to become rich overnight by betting on blockchain’.
Spencer Bogart is a partner at Blockchain Capital, and was previously a hedge fund analyst for SFG Asset Advisors in San Fransisco.
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Do you think the slump is over? What’s your predicted low point for BTC this summer? Let us know your predictions.