Spencer Bogart, a general partner at venture capital firm Blockchain Capital, thinks that Bitcoin (BTC) will be a safe haven in the long term. However, he has a nuanced view of how BTC price will play out with respect to various economic events.
Bogart shared his views during an interview with Bloomberg on Aug. 20. According to him, risks of monetary devaluation can drive Bitcoin’s price up. Bogart commented:
“I think longer term Bitcoin will absolutely be a safe haven [...] I think that when you have looming risks of monetary devaluation, things like this, Bitcoin certainly looks very attractive. And I think that was a large driver of the recent run-up in price.”
However, Bogart continued to say that he doesn’t believe BTC will perform well in terms of price in the event of a severe economic crisis. He conjectured:
“When you think about really severe crises taking place, a liquidity crunch, another global financial crisis, I think that Bitcoin will struggle to do very well from a price perspective.”