Blockchain venture capitalist Spencer Bogart says bitcoin’s increased number of use cases is proof that the coin is becoming more institutionalized.
He says to sell coins like Cardano, TRON, IOTA and NEO.
But hold ethereum, ripple, bitcoin cash and EOS, Bogart says.
Bitcoin is still a buy despite its continued losses, blockchain venture capitalist Spencer Bogart told CNBC.
The digital currency’s increased number of use cases is proof that the popular form of money is being institutionalized.
“Every major bank is trying to do something in the space,” Bogart, a partner at Blockchain Capital, “Fast Money” on Friday.
“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,” he added. “A deeper institutionalization of bitcoin is overall positive,” he said.
Still, the coin has seen better days. After surging last December to around $19,500, bitcoin has declined more than 50 percent since the start of the year. On Thursday, amid increased regulatory scrutiny in the cryptocurrency space, the coin fell yet again — this time below $8,000, where bitcoin had hovered for several weeks. Late Friday, bitcoin changed hands around $7,400.
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