Blockchain Capital partner Spencer Bogart discussed the current state of the cryptocurrency market with Bloomberg’s Emily Chang and Joe Weisenthal on Monday, and Bogart’s role was basically to explain why he’s still bullish on the crypto ecosystem in the face of collapsing prices.

“I still believe that programmable money is a multi-trillion dollar idea,” said Bogart.

Bogart went on to explain that bitcoin should be viewed separately from the initial coin offering (ICO) craze from last year and indicated that bitcoin is the right crypto asset to look at going forward.

ICOs and Bitcoin are Two Very Different Things

When the topic of ICOs came up during this discussion on Bloomberg, Bogart was quick to point out that these assets are very different from bitcoin.

“One thing I’d be careful of is conflating, kind of, all the tokens and ICOs that we’ve seen with bitcoin itself,” said Bogart. “I think that from the outside it’s easy to see those as one in the same, but from within the industry, they’re very different.”

Weisenthal agreed with Bogart’s point, but he also added that the market appears ignorant of these differences as the majority of crypto assets tend to move up and down with each other at the same time.

Bitcoin is Still the Right Play

When asked for specific assets or areas of the crypto ecosystem that are destined to thrive in the future, Bogart focused on bitcoin.

“For a lot of people, they’ve been hearing about bitcoin for so many years — they want to find what is that next bitcoin,” said Bogart. “Since the beginning of the time bitcoin people have been looking for that next bitcoin, I think that’s a dangerous game to play.”

To Bogart’s point, ether is down 80% against bitcoin since the peak of the hype around the alternative crypto asset’s potential to overtake bitcoin as the coin with the largest market cap, according to CoinMarketCap.

Bogart went on to talk about how network effects are extremely important when it comes to competing forms of money.

“Bitcoin does have the largest established network effect,” explained Bogart. “It is more than five times larger than the number two crypto, and it is excelling at the programmable value use case.”

Bogart added that they’re mainly focused on finding companies building on that programmable value use case at Blockchain Capital.