Bitcoin is a Screaming Buy

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Blockchain Capital’s Spencer Bogart believes in the long-term case for bitcoin, but he’s less convinced on altcoins. Despite the fact that bitcoin has dropped below the $8,000 and has suffered its worst three-week performance since Q3 2017, now’s not the time to retreat. Bogart, a former equity analyst, told CNBC that investors are getting it wrong and instead of unloading BTC should be kicking overbought altcoins to the curb.

“If the story erodes and it’s not there, then I’m not going to be bullish on bitcoin. But the long-term thesis is very much intact,” Bogart said, adding that while bitcoin could face some headwinds in the short-term, his minimum horizon for bitcoin trading higher is one year.

Bogart admits that he can’t predict how the bitcoin price is going to unfold in the short-term, and he’s in good company, as bitcoin bulls had been predicting a rally by…