Last Updated: 25 June 2021
The CEO of Galaxy Digital, Mike Novogratz, said that he is not worried about the fall in the price of bitcoin even if it went below $30,000. According to Mike Novogratz, the bitcoin market is much stable now, investors are mature now, and every bank is running its cryptocurrency project, so there shouldn’t be anxiousness regarding the decline of bitcoin price.
Mike Novogratz is Still Optimistic About Bitcoin
Mike Novogratz remarked on the bitcoin market Tuesday in a meeting with CNBC as the cost of the cryptographic money fell underneath $30K. Remarking on the falling BTC value, Novogratz said that on the off chance that it’s truly penetrated, $25,000 is the following large degree of help I’m less cheerful than I was at $60,000, yet I’m not anxious. The Galaxy Digital CEO believed: We had China truly be significantly more intense in their plan to boycott cryptographic money. That is a retail deleveraging. A great deal of crypto occurs in Asia; a ton of it is Chinese centred.
So we see huge liquidations, so it’s difficult to call a base. Novogratz accepts that the Chinese government’s crackdown is a drawn-out certainty for bitcoin. Perhaps not in the short run, but rather it’s great. That is the thing that’s made this over-the-top unpredictability that we’ve seen. As of late, Facebook’s head of instalments and the Diem crypto project, David Marcus, additionally said that China getting serious about bitcoin mining is “an extraordinary turn of events” for bitcoin. Numerous individuals concurred with him on Twitter.
By and large, Novogratz doesn’t expect bitcoin to endure a huge accident, explaining:
The environment is a great deal more developed. The measure of players that are moving in is quite a lot more developed. Every bank is dealing with their crypto project, how they can get bitcoin to their abundant customers. I think a ton of customers that didn’t get it the first run-through will see this the low-cost level as a chance to get it and get included, he closed.
Along with Mike Novogratz, many other financial experts and investors predict that bitcoin will reach its top value despite the current market situation. The author of the best-selling book Rich Dad Poor Dad said the same things a few weeks ago. He advised people to buy bitcoin at this low price as it is a buying opportunity. Moreover, there are speculations that bitcoin will reach the $100,000 mark by the end of 2021. Already it has been seen that the price of bitcoin is fluctuating as Elon Musk tweeted that his electric car company Tesla will be accepting bitcoin payment again if the mining and transaction process uses at least 50% of green energy.
Several analysts say that those people who were not able to invest in bitcoin before because of the high value now have the opportunity to invest in it as bitcoin price will rise again, and it will be beneficial.