- Spence Bogart believes Bitcoin dominance in the market is just starting.
- Bitcoin bottomed out as predicted by Spencer Bogart back in October.
While speaking in an interview with Bloomberg, Spencer Bogart said that in spite of the current bear trend in the market, Bitcoin has gigantic opportunities. He praised the technology behind Bitcoin, that helped create paperless money and termed it a multi-trillion-dollar idea. He went ahead to say that Bitcoin will one achieve its goal of becoming a fully utilized utility. He stated:
“Right now, some people use it [Bitcoin] because they have to and I think over time, more people will use it because they have. Because it can do things that they can’t do otherwise.”
Spencer talked about the impact of Bitcoin dominance in the market. He says that the world does not need to search for the “next Bitcoin” but embrace the smart money on BTC and its ever growing network. In his argument, he uses the concept money is a “network effect type ecosystem.” In this case, Bitcoin boast of the largest network (more than half of the remaining assets total capitalization). Moreover, this dominance, according to him will continue to exist.
At present, most cryptocurrencies appear to have found balance including Bitcoin price which bottomed out at $4,200. However, there are certain coins that continue to fall, particularly those in the top 100. Spencer has insinuated in October this year that Bitcoin price was almost bottoming out. The declines in Bitcoin started exactly a week ago where Bitcoin plunged below both $6,000 and $5,000 base levels. Ripple’s XRP was able to handle the fall well even recovering. However, it later joined the sell rally trimming the gains towards $0.42.
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