Blockchain Capital Partner Spencer Bogart, like many who believe in the long-term growth of Bitcoin, thinks that the current bear market is the ideal time for investors to buy BTC.
Bogart recently spoke to Bloomberg about the price of the cryptocurrency, among other things.
After a Bloomberg analyst suggested that Bitcoin’s bottom has been yet to reached, Bogart responded:
… bitcoin never left. It’s always been here. Is it back? It’s definitely back. Are we ready to see new all-time highs? Probably not yet. I still feel like there’s a few regulatory shoes to drop. For now, the entrepreneurial activity and institutional interest in the space has not ceded with the price.
When pressed about whether Bitcoin has hit the bottom, Bogart responded by saying that the current market is an excellent time for investors to buy BTC:
I think now is a very good time to buy. Is it the absolute bottom? I’m not sure.
While the bottom cannot readily be predicted, Bogart did make a point about entrepreneurial and investor interest in recent times after being asked if their interest has slumped along with the declining prices:
[Entrepreneurial and investor interest] hasn’t slumped at all really in terms of entrepreneurial activity. We operate a venture capital fund that invests in both digital assets and the companies and we see more and more companies coming in everyday – and higher quality entrepreneurs as well.
When asked about what could pull the market out of its bear phase, Bogart said:
I think the market is a tinderbox right now and pretty much anything could set it off. On the one hand…we do need a little more time to pass between the bull market of 2017 and where we are today, but I think in the meantime things are setting up really nicely here.
Blockchain Capital is a venture capital firm that invests in companies in the blockchain space. Previous investments include Abra, BitGo, Coinbase, Ripple and many others. The firm was founded in 2013 by Bart Stephens, Bradford Stephens and Brock Pierce.