Blockchain Capital Partner Spencer Bogart was on CNBC’s Fast Money on Monday to discuss the current state of the bitcoin and greater cryptocurrency market. During the interview, Bogart emphasized a preference for bitcoin over other cryptocurrencies and initial coin offerings (ICOs) at current prices, noting that bitcoin is the only crypto token that has proven its usefulness and gained some traction.[1][2]
Additionally, Bogart shared his thoughts on why the crypto market is down roughly 50 percent so far this year, and he was also asked to comment on the seemingly never-ending bitcoin versus blockchain debate.
Bitcoin’s Usefulness is Not Theoretical
When making the case for bitcoin on CNBC’s Fast Money, Bogart pointed to the advantages that the world’s most popular cryptocurrency has over the alternative options. Bogart pointed to mindshare, global distribution, and relative safety from a possible regulatory crackdown as the key benefits of bitcoin over its competitors.
Additionally, Bogart spoke to the fact that many of the alternative tokens’ use cases are still mostly theoretical at this point.
“I think bitcoin is the only one that’s demonstrated its real use case and traction. If you think about bitcoin’s ability to move value around the world and to store it, it’s actually happening today. People are using it for that exact purpose. It’s not like people are hearing about how Uber is going to change transportation and they haven’t seen it yet. No, people are riding in the cars today with bitcoin,” said Bogart.
To Bogart’s point, no other cryptocurrencies — with the possible exception of privacy-focused altcoins like Monero for darknet activity — have gained much (if any) real-world traction. For example, while Ethereum has been touted as the base layer for decentralized applications (dapps), it’s most popular dapp
