Buy Bitcoin, Sell Your Altcoins, Says Pioneering Wall Street Blockchain Analyst

Bitcoin remains a strong buy despite recent losses, blockchain venture capitalist Spencer Bogart told CNBC yesterday, May 26.

Bogart is a partner at major VC firm Blockchain Capital, and was reportedly the first Wall Street analyst to cover Bitcoin and blockchain, authoring a highly regarded blockchain industry report.

Bitcoin has now seen three weeks in the negative, its "Longest running streak of losses since September 2017," as CNBC's interview intro noted.

"The long-term thesis is very much intact... The institutionalization of Bitcoin is absolutely occuring...Every major bank is trying to do something in the space. 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."

Bogart suggested however that many altcoins are likely "Overvalued" and "Have significant headwind," emphasizing the dangers of relative valuation.

Bogart said he would sell alts such as Cardano, TRON, IOTA and NEO, but was "Neutral" and would hold Ethereum, Ripple, Bitcoin Cash and EOS."I'm very constructive as regards Ethereum on a long-term basis," he said.

Bogart also noted that this has been the first sustained bear market where nobody has suggested the "End of Bitcoin." He suggested that the reality of a deeper institutionalization of the crypto space is securing the long term "Story," and is "Overall positive" for Bitcoin's future.

He also said that ongoing turbulence in the traditional financial sector, such as recent national fiat currency crises, is reinforcing Bitcoin's use cases.

"Could Bitcoin trade lower? Certainly. But do I think it will be higher a year from now? Absolutely I would bet Bitcoin ends at least above $10,000 in the year."

Negative performance in the crypto markets for now seems to be continuing, with Bitcoin trading below $7,400 to press time, down a further 2 and half percent over the 24 hour period.