- Bitcoin investors should zoom out and focus on long term projections according to Bogart.
- China and its inconsistencies will not determine the future of Bitcoin and the blockchain technology.
The General Partner at Blockchain Capital, Spencer Bogart in an interview with Bloomberg on Tuesday said that China has indeed been driving the price of Bitcoin in the past few months. The support that China is giving to Blockchain has had a direct impact on Bitcoin price. Besides, Bitcoin surged above $10,500 after President Xi Jinping acknowledged support doe the technology.
However, China is not consistent in its support blockchain and even cryptocurrencies. Major digital assets like Bitcoin have gained positively from the country in recent months. For instance, Bitcoin was removed from the industries recommended for scrapping. Bogart explained:
“I don’t think that Bitcoin’s future is in any way dependent on what China does. It is helpful to zoom out and get away from some of the near term headlines because I think in general any kind of short term trading strategy around Bitcoin is the wrong one. The question people should be asking is Bitcoin going to be more successful in the next five years than is today?
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