Spencer Bogart, General Partner of the Blockchain Capital venture company, expressed confidence that bitcoin will become a safe asset in the long term.
In an interview with Bloomberg, Bogart noted that the risks of devaluation of fiat money will spur the bitcoin exchange rate.
“I think that in the long run, bitcoin will become an absolutely safe haven. When you have increased risks of currency devaluation, the first cryptocurrency becomes more and more attractive. And I believe that these concerns have led to the recent appreciation of the exchange rate, ” he said.
Bogart believes that in the event of a serious global economic crisis, the bitcoin exchange rate can go down, although the first cryptocurrency should survive the crisis itself. However, now there is no crisis in the market and large-scale problems in the world market are not expected.
“In really severe crises, when there is little liquidity, or in other global financial crises, from a price point of view, bitcoin will struggle with all its might,” Bogart said.At the end of last year, Bogart said that even despite the falling markets and price fluctuations, cryptocurrencies still have huge potential.