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, told CNBC’s “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.
Regardless, Bogart said it’s still a buy. In fact, he said it’s the only coin traders should be buying as the coin becomes more mainstream.
Many of the other forms of cryptocurrency, Bogart said, are “over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them.” […]