Spencer Bogart who is a partner as well as heads the research team at the Blockchain Capital is of the view that despite sudden whipsaw in the pricing of Bitcoin it has accumulated immense legitimacy with the people as well as with the institutional investors. We have seen a jolting ride of the Bitcoin in the year of 2017 when we saw it peaking by more than 12 hundred per cent of its value which was at the beginning of year. On the passing Thursday Bitcoin again rose by 31 per cent and started trading at the level of $ 12,000 per coin. However, earlier in this week Bitcoin had lost by more than a third of its value. A similar kind of pattern in the trading as well as the pricing of altcoins such as Ripple, Ethereum, and Litecoin were observed. Due to this sudden jolting the price of Bitcoin on Thursday was at $ 11,570.
Spencer Bogart came up on CNBC TV’s Fast Money program and articulated his views regarding the digital cryptocurrency phenomenon as there might be a possibility of altcoins such as Ripple, Ethereum, and Litecoin of seemingly a bit overpriced. However, that is not a sign of a downfall in the market of this new age digital crypto asset. These cryptocurrencies along with the premium cryptocurrency Bitcoin have shown great abilities to survive any sort of upheaval which might seem inevitable to many of the financial experts around the world.
Downfall in the prices of Bitcoin is not in a farewell but a major opportunity for the people to buy and invest their corpus in digital cryptocurrencies; as was articulated by Mr. Spencer Bogart. Earlier this week on the same television show Mr. Eliot Spitzer who is the ex-Governor of New York State as well as the Attorney General; had said that he wanted to ensure that people must be knowing beforehand of what they are going to own and what they are investing in. He clarified that he doesn't own even a single token of Bitcoin but wants people to know about the volatility situation which lies ahead in the graph of pricing of premium cryptocurrencies such as Bitcoin. He exclaimed that he is yet to understand why there is such great volatility in the cryptocurrency market which is a commodity that contains no intrinsic value!