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Top VC Expects Bitcoin to Return Much Higher as BTC Sees Green

As Blockonomi has covered extensively over the past few months, Bitcoin has dropped by 50% from its year-to-date top of $14,000.

But at long last, the selling pressure has stopped; the cryptocurrency market has found itself caught in a tight price range over the past week after plunging by 20% in November.

Although prices have yet to recover, analysts and top investors say that the fundamentals developments of the cryptocurrency and blockchain industry imply that Bitcoin, along with altcoins by extension, may soon see a recovery heading into 2020.

Bitcoin

One such investor to tout this narrative is Spencer Bogart, a partner of top industry venture capital firm Blockchain Capital, who took to Bloomberg on Monday to discuss reasons why he thinks Bitcoin could soon return to the upside.

Bitcoin Ready to Head Higher?

One of Bogart’s first points conveyed to the Bloomberg audience is that Bitcoin remains a very useful network from a transactional standpoint, “processing $1 billion to $3 billion worth of transactions daily,” which is a far cry from when the cryptocurrency was deemed “a joke” just years ago.

Sure, there may be no clear correlation between transaction volumes and price, though Bogart asserted that this highlights a long-term positive trend for Bitcoin.

Next, he looked to the growth in and adoption of a number of Bitcoin and cryptocurrency fiat on-ramps into the industry, specifically looking to his firm’s portfolio companies Coinbase and Kraken as a way to back his point.

Lastly, Bogart drew attention to a survey that his company ran earlier this year that was focused on gaining insight into the American public’s thoughts on Bitcoin as an investment.

The survey revealed that a near-majority of young American individuals would consider purchasing Bitcoin (or already own the cryptocurrency) in the next five years. The 18-34 demographic surveyed also expressed largely positive sentiment towards the ideas that Bitcoin is a technology that people will use in ten years and that Bitcoin is a positive innovation in financial technology,

These statistics show that there remains a retail demand for digital assets. This is important, as retail investors will ultimately be the investor subset that will drive the long-term growth and adoption of Bitcoin and related technologies.

Not the Only Bull

Bogart isn’t the only analyst deeply involved in the cryptocurrency industry to be soon expecting a bounce. Thomas Lee, the co-founder of Fundstrat Global Advisors, recently took to CNBC’s “Market Lunch” segment to discuss why he Bitcoin is likely to have a positive skew heading into 2020.

Per previous reports from Blockonomi, Lee laid out three reasons why he thinks Bitcoin will have a much better year than 2019:

  1. The strong growth in U.S. equities, namely the S&P 500, implies that investors will soon start allocating more capital to risk-on investments like Bitcoin and cryptocurrency; Lee noted that his company has observed that there is a correlation between strong performances in the price of Bitcoin and the S&P 500 index.
  2. BItcoin’s block reward reduction, also known as the “halving” or “halvening” in reference to the fact that Bitcoin’s inflation gets cut in half during these events, is coming up in six months’ time. Lee thinks that this could be of benefit to BTC investors, as the event acts as a large negative supply shock in a market that analysts say is seeing increasing demand over time.
  3. And lastly, the Fundstrat executive thinks that while China has taken a harsh stance towards Bitcoin thus far, he noted that the authorities in China remain pro-digital assets because they are pro-blockchain.

The post Top VC Expects Bitcoin to Return Much Higher as BTC Sees Green appeared first on Blockonomi.



Source: Top VC Expects Bitcoin to Return Much Higher as BTC Sees Green

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