4 Reasons Bitcoin is the World’s ‘Most Compelling Asset’: VC Spencer Bogart
Story by: Ben Brown
Now is the perfect time to buy bitcoin, according to Spencer Bogart, a partner at Blockchain Capital.
Speaking to Bloomberg, Bogart was evangelical about bitcoin, calling it “the most compelling asset in the world right now.” Bogart is notoriously bullish, maintaining a $50,000 price target on bitcoin.
Why is he so optimistic during the depths of this crypto winter?
He pointed a string of possible catalysts for another bitcoin boom, including global tensions, rising national debt, and the increasing interest from institutions. Let’s go through them one at a time.
Spencer Bogart✔@CremeDeLaCrypto
I find it very difficult to make the case that there *won’t* be rising demand for a supra-sovereign digital asset with absolute scarcity over the next 5-10 yrs.
Even harder to make the case once you layer on the additional capabilities (& demand) unlocked by programmable money
1. PENSION FUND AND INSTITUTIONAL INTEREST
Asked what he thinks will be the catalyst for the next price run, Bogart highlighted the interest of pension funds. As CCN reported, Fairfax County, Virginia has allocated part of its pension fund to Morgan Creek’s blockchain opportunities fund.
An insurance company, a university endowment and a private foundation also followed suit.
Bogart also pointed to the news that a major wealth manager for pensions threw its weight behind bitcoin this week. As more pension money flows into the space, it will trigger a domino effect.
