Bitcoin has lost 80% of its market capitalization amidst a market-wide crash this year. But Spencer Bogart believes the digital currency can still correct up to 1328% from its current value.
The Blockchain Capital partner told CNBC that he expects bitcoin to touch $50,000 in the future, similar to what he predicted during the digital currency’s famous bull run in 2017. However, this time, Bogart shied away from giving any timeline for his projection.
“At Blockchain Capital, we are long-term venture investors, so we are never doing short-term price targets,” he explained. “Bitcoin does not make a kind of price-to-earnings or price-to-value revenue that normally puts an upper bound or a ceiling on a typical kind of early-stage technology company. Bitcoin can surely reach that high. But how long will it take – we are not sure yet.” In 2017, the Bitcoin rally towards $20,000 high has provoked many investors to set higher upside targets for the digital currency. Mike Novogratz, a Wall Street investor, for instance, had predicted that bitcoin would peak up to $40,000. Thomas Lee, the co-founder of Fundstrat, had also set its upside target towards $25,000. However, the digital currency toppled right where it was supposed to cement its foothold, crashing from an all-time at $20,000 to this year’s current low near $3,200.