Leading Wall Street bitcoin analyst and partner of the venture firm Blockchain Capital Spencer Bogart during the Fast Money program at CNBC said that cryptocurrency traders need only buy bitcoin, since the spectrum of its application is constantly expanding.
Buy Bitcoin, Sell Altcoins
Bitcoin is still the most attractive cryptocurrency, despite its continuing decline.
“Every major bank is trying to do something in the space. Either they’re going to be offering bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk,” he said. “A deeper institutionalization of bitcoin is overall positive”.
Bogart added that almost all the other coins are overvalued and do not cope with the objectives. However, he noted that Ethereum, Ripple, Bitcoin Cash and EOS are neutral alternatives that can be hold for now.
The analyst advised investors to sell Cardano, TRON, IOTA and NEO.
“A lot of those tokens are overvalued,” Bogart stated. “They could be go up significantly, but they also have significant headwind.”
Bogart also recommends that investors carefully interact with Ethereum, as the potential failure of the ICO industry, in his opinion, could significantly impact the platform.
He believes, that Bitcoin price will overcome the $10.000 mark by the end of the year.
“Could bitcoin trade lower? Certainly,” Bogart said. “But do I think it will be higher a year from now? Absolutely.”
We recall, in early May, Bogart said that many Wall Street financial institutions can follow the example of the investment bank Goldman Sachs and soon launch bitcoin trading.
In his opinion, most of the banks can be convinced of the growth of the cryptocurrency industry in terms of indicators of success of such platforms as Coinbase and Binance.
On May 2, Goldman Sachs Bank announced launch its widely-rumoured bitcoin trading operation. The Bank uses its own funds to trade bitcoin futures on the initiative and on behalf of its customers.
The source: CNBC