Spencer Bogart, general partner at Blockchain Capital, a venture capital firm, expressed confidence that Bitcoin will become a safe asset in the long run.
In an interview with Bloomberg, Bogart noted that the risks of devaluation of fiat money will boost the Bitcoin exchange rate.
“I think that in the long run, bitcoin will become an absolutely safe haven. When your risks of currency devaluation grow, the first cryptocurrency becomes more and more attractive. And I believe that it was precisely these fears that led to the recent appreciation, ”he said.
Bogart believes that in the event of a serious global economic crisis, the Bitcoin rate may go down, although the crisis itself must survive the first cryptocurrency. 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 the point of view of price, bitcoin will struggle with all its might,” said Bogart.
At the end of last year, Bogart said that even despite the fall of markets and price fluctuations, cryptocurrencies still have enormous potential.