Spencer Bogart , the leading Bitcoin analyst from Wall Street and partner of the venture firm Blockchain Capital said that cryptocurrency traders should invest in Bitcoin, since the spectrum of its application is constantly expanding.
“All the big banks are trying to test the industry. They can offer direct purchase of Bitcoins to their customers, services for safe storage of digital assets or exchange mechanisms for trading these assets – deep institutionalization of Bitcoin is an extremely positive trend, “he stressed.
Bogart added that almost all the other coins are overvalued and do not cope with the goals set. However, he noted that Ethereum, Ripple, Bitcoin Cash and EOS are neutral alternatives that can be retained.
The analyst advised investors to sell Cardano, TRON, IOTA and NEO during the Fast Money program on CNBC.
“Of course, these tokens can grow in value, but they have a lot of obstacles,” he said.
Bogart also recommends investors to to careful, as the potential failure of the ICO industry, in his opinion, could significantly impact the platform.
At the same moment, Robert Shiller, well-known and successful professor of economics in Yale University and Nobel Laureate, has commented that he currently “doesn’t know what to make of Bitcoin ultimately” and called Bitcoin “the best example of a bubble”.
What is more, considering Bitcoin and all cryptocurrency as a good way of saving money is the same as the 17th-century Tulip Mania.
Besides that, professor added that
“[Bitcoin] might totally collapse and be forgotten and I think that’s a good likely outcome but it could linger on for a good long time, it could be here in 100 years.”