Bitcoin will be worth a lot more in 5 years: Spewncer Bogart to Bloomberg
|- Bitcoin will grow to be a safe haven in the longterm.
- Bitcoin becomes attractive when risks like monetary devaluation in the traditional market come into play.
Bitcoin has in the past three months performed exceptionally well. In fact, many believed that the asset will gain more traction from being used to hedge against the dwindling stock market. However, Bitcoin has been correcting downwards unable to find a bottom above $10,000.
The first attempt to correct towards $13,000 was a total failure with Bitcoin hitting highs slightly above $12,000 and diving fast towards $9,000. Moreover, this week’s assault at $11,000 failed miserably culminating Bitcoin drilling holes in the support at $10,000 - $10,200.
Read also: Bitcoin price analysis: BTC/USD now allergic to $10,000; probable target at $9,000
At press time, Bitcoin is trading at $9,977 following a 1.5% lower correction on the day. However, the prevailing trend is relatively bullish and a correction above $10,000 is possible. Nonetheless, the biggest question is whether BTC has the potential to sustain gains above $10,000 and reclaim $10,200 support?
According to the general partner at Blockchain Capital Spewncer Bogart Bitcoin is going to be safe have in the long-term. He adds that as adoption continues, Bitcoin value benefits. Moreover, Bitcoin becomes attractive when risks like monetary devaluation in the traditional market come into play.
“Bitcoin is going to be worth a lot more in two to five years from now than it is today. The exact price trajectory over the next six months is to be discussed. I am not fully convinced that we have a full economic crisis rising right now,” Bogart told Bloomberg in an interview on August 21.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.