Investors Claim Bitcoin Price ‘Will Struggle’ in Big Financial Crisis
By Mark Lemon – Cryptocurrency Expert
General partner at venture capital firm Blockchain Capital, Spencer Bogart, believes Bitcoin will be a haven down the line but has doubts about how the BTC price will perform in response to several economic events.
On August 20, during an interview with Bloomberg, Bogart commented by saying:
“I think longer-term Bitcoin will be a haven. I think that when you have looming risks of monetary devaluation, things like this, Bitcoin certainly looks very attractive”. Bogart believes this could have caused many to buy Bitcoin resulting in the recent run-up in the price of Bitcoin.
He further said he doesn’t have faith BTC will perform swimmingly when it comes to price during a severe economic crisis. He said:
“When you think about really severe crises taking place, a liquidity crunch, another global financial crisis, I think that Bitcoin will struggle to do very well from a price perspective.” In turn, Bogert doesn’t believe people will buy Bitcoin in this circumstance.
Mike Novogratz, CEO of Galaxy Digital seems to agree with Bogart’s views in that monetary devaluation is a good sign for BTC price. Many may choose to buy cryptocurrency to evade the devaluation which in turn can push the price of that market up.
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