Bitcoin still a buy despite recent losses says blockchain venture capitalist. Here's why.

📍Blockchain venture capitalist Spencer Bogart says bitcoin's increased number of use cases is proof that the coin is becoming more institutionalized.
📍He says to sell coins like Cardano, TRON, IOTA and NEO.
📍But hold ethereum, ripple, bitcoin cash and EOS, Bogart says.

Bitcoin is still a buy despite its continued losses, blockchain venture capitalist Spencer Bogart told CNBC.
The digital currency's increased number of use cases is proof that the popular form of money is being institutionalized.

Still, 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.
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.

Bogart said he's especially cautious with ethereum, which he said has a lot of overhang because so many initial coin offerings (ICOs) have been built on top of ethereum. He pointed out that if the ICOs don't work out, that could be bad news for the platform its built on.

Bitcoin, however, should "at least" end above $10,000 by the end of the year, Bogart said, but he acknowledged that the even the large-cap coin could face some headwind.