In an interview with Bloomberg, Bogart was optimistic about the future of Bitcoin. Commenting on the potential for further growth in BTC prices, Bogart said:
"I think it’s a bolder bet or a riskier bet to say that bitcoin will be less successful over the next five years than the past five years. I mean all the trends suggest otherwise."
According to Bogart, the potential of the leading cryptocurrency is more clearly visible in the long term. For Bogart, temporary trends in price action do little to offset the successive changes in the underlying fundamentals of the network.
Based on this consistency and the growth experienced by real-time companies in the market, Bogart says BTC will continue to grow. Bogart has consistently argued that lower prices did not adversely affect Bitcoin's fundamental performance.
Blockchain Capital's partner also highlighted the difference between bitcoins and digital assets like Facebook's Libra. According to Bogart, Bitcoin does not need regulatory approval, given its global distribution and the lack of a central authority responsible for cryptocurrency.
However, Bogart said that the emergence of clear regulatory measures would be a positive factor for wider adoption of BTC. Commenting on the role of China in the success of bitcoins, Blockchain Capital partner noted:
"I don’t think that bitcoin’s future is in any way dependent on what China does."
According to Bogart, it’s hard to read between the lines of what the authorities in Beijing are doing regarding bitcoins and cryptography in general. Despite the recent suppression of cryptocurrency trading, platforms like Huobi and OKEx seem to be gaining a favorable attitude from regulators in China.
Bogart also noted a flurry of crypto and blockchain related news coming from China. According to Bogart, these events may have even played a significant role in changing the price of cryptoasset number 1 over the past couple of months.
Bitcoin is still falling by 63% compared with the historical maximum of the end of 2017 (ATH), while the price increase since the beginning of the year (from the beginning of the year) in 2019 is currently more than 80%.