Bitcoin (BTC) remains a buy even though its price has slumped this year, Blockchain Capital’s Spencer Bogart told CNBC Friday.
The blockchain venture capitalist pointed to the number of financial institutions that have hatched bitcoin plans.
“Every major bank is trying to do something in the space,” Bogart, a partner at Blockchain Capital, said on CNBC’s “Fast Money” program. “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 that “a deeper institutionalization of bitcoin is overall positive.”
Bitcoin this year has fallen dramatically from its December high of about $19,500. It was recently changing hands at about $7,400.
Declines notwithstanding, Bogart told the business news channel that bitcoin is not only a buy, but is the only coin traders should purchase. Read more here.