Forex and Crypto News

Spencer Bogart explains the recent sharp Bitcoin price changes

12:13 01 July /2019

Last week, the price of Bitcoin showed the strongest volatility, trading between $10,000 and $14,000. Then traders also observed how Bitcoin fell by 12% in just a few minutes.

On June 28, Blockchain Capital’s general partner Spencer Bogart said that the huge fluctuations in the price of digital assets should be taken for granted:

"This is natural for any assets, especially such as Bitcoin, which have a fixed stock, but fluctuating demand."

Bogart believes that such price behavior is natural for assets that are used as value accumulators, for example, gold and elite works of art with a market of $4-5 trillion.

Bogart also noted that when buying expensive paintings or antique cars, people take care of their proper storage, since these things are extremely rare - just like gold and Bitcoin.

These things, along with real estate objects, are most often used to accumulate value over time.

There are two main opinions regarding the use of Bitcoins. In the whitepaper of the main cryptocurrency, Satoshi Nakamoto said that he invented Bitcoin which can replace the money in everyday payments. The same point of view is shared by the famous billionaire Tim Draper.

However, other investors, including Mike Novogratz, believe that Bitcoin is the best way to save the value. Spencer Bogart is also confident that in the future Bitcoin will not be used as a means of payment, but only for storing value.

to other news

all news
ICO projects sold 400,000 ETH during November

During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.

According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov

12:01 17 December /2018