Blockchain Capital Partner Explains Why He’s Long On Bitcoin

Taking part in an interview earlier this week on Bloomberg TV Spencer Bogart, a general partner at crypto-focused venture capital firm Blockchain Capital, spoke to Taylor Riggs and Haidi Stroud-Watts, where he explained why he continues to be a long-term bullish investor on Bitcoin.

Starting the interview, Riggs told Bogart that when shows like Bloomberg look at the BTC price charts, she notices that Bitcoin is "trying to hold in support at the 200-day moving average, but the RSI doesn't look oversold just yet," and further asked Bogart for his thoughts on the recent price action from Bitcoin.

Bogart said:

"I think China has definitely been driving some of the price action over the past couple months, but you know, I think it's challenging to read between the lines on what China is doing. I mean, we've seen some favorable moves in terms of Xi Jinping's move to blockchain the whole country and put it as a strategic priority. And then we've also seen some moves like Bitcoin miners were once put on a list of industries to be eliminated from the country. It's been removed from that list. So a slightly friendlier stance in that respect. And so while we've seen some crackdown on some of these smaller and shadier crypto exchanges, some of the larger ones seem to be getting a little bit more credibility within the country."

Later on in the interview, the partner explained why he thinks it is a bit too risky to bet against Bitcoin over the next five years.

Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

He said:

"I think it's a bolder bet or a riskier bet to say that Bitcoin will be less successful over the next five years than the past five years. I mean all the trends suggest otherwise -- whether it's that the value of transactions processed that I just discussed or whether it's actually looking at what do people think of Bitcoin.”

For more news on this and other crypto updates, keep it with CryptoDaily!