according to the news at CNBC here is why:
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(a partner at blockchain capital) 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." Bogart recommended selling coins like Cardano, TRON, IOTA and NEO.
"A lot of those tokens are overvalued," Bogart said. "They could be go up significantly, but they also have significant headwind." Alternatives like ethereum, ripple, bitcoin cash and EOS, however, he described as "neutral" — and he told investors to hold for now.
what are your insights why does bitcoin still a buy in spite of all the losses?
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(a partner at blockchain capital) 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." Bogart recommended selling coins like Cardano, TRON, IOTA and NEO.
"A lot of those tokens are overvalued," Bogart said. "They could be go up significantly, but they also have significant headwind." Alternatives like ethereum, ripple, bitcoin cash and EOS, however, he described as "neutral" — and he told investors to hold for now.
what are your insights why does bitcoin still a buy in spite of all the losses?
It's because of there's many people are truly believe in power of bitcoin, the ability to change the world by financial in the future.
They still buy bitcoin in a lower price because they believe that it will increase soon and to gain big profits.
