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Wall Street VC Spencer Bogart: Sell your altcoins, go for Bitcoin

Blockchain venture capitalist Spencer Bogart has bullishly suggested buying Bitcoin that despite the cryptocurrency’s major streak of losses. The VC also advises avoiding purchasing “over-valued” altcoins such as Tron, EOS, and IOTA.

Blockchain venture capitalist (VC), Spencer Bogart has suggested that Bitcoin is still a strong cryptocurrency in which to keep your funds, despite recent declines.

Bogart was interviewed by CNBC and declared his standpoint on the future of the original cryptocurrency. It was noted that Bitcoin, which has been in the red for the past three weeks, has seen its worse streak of losses since September of last year but the VC expert still thinks that the forecast for the cryptocurrency is a positive one.

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With regards to cryptocurrency, he said that every major banking institution “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”, adding that a “deeper institutionalization of bitcoin is overall positive“.

Over and above his positive view on Bitcoin, he thinks that  (comparatively) altcoins are not worth investing in. He believes that the other projects are “over-promising and under-delivering.”  He suggested that traders should sell the smaller tokens such as Cardano, TRON, IOTA, and NEO, claiming that the “tokens are overvalued” and that they “could be go up significantly, but they also have significant headwind.”

As a partner at Blockchain Capital, a leading VC firm, and is reportedly the first expert from Wall Street to analyze blockchain, Bogart holds a deal of authority on bitcoin and blockchain knowledge and his words hold weight. Currently, Bitcoin’s figures have not reacted to the VC’s bullish advocacy but we might yet see the impact his statements have on the market.