Mike Novogratz, CEO of Galaxy Digital, is very optimistic about BTC after claiming that this price increase will be permanent. This follows previous comments that 2020 “is the year of»At a time when trust in traditional financial systems is waning and the global economy is suffering from the consequences of the COVID-19 pandemic.
Outstanding bitcoin lawyer and former hedge fund manager Mike Novogratz, who has always rated BTC positively, tweeted on May 2, he hopes “this rally will last” when referring to the next BTC halving, which many believe will trigger a price rally:
Halving half is certainly important, but what makes the price of BTC go up is that most newbies buy it because of the new macro scenario. This rebound will continue.
According to Novogratz, Bitcoin’s price hike will mainly be due to the influx of new investors, the signs of which appear to be forming. Social media metrics and volume increased the price of BTC by around $ 1,500 within two days at the end of April.
In addition, the markets for options, futures and derivatives are generally rising, showing that current BTC investors are doubling their bets. Hedge fund investors also made up the majority of institutional investments in the first quarter of 2020.
Novogratz’s belief is in line with many others, including BitMEX CEO Arthur Hayes, who believes Bitcoin will see $ 20,000 again in 2020. The former also explained his thoughts on the current market situation in a recently published webcast.
Novogratz also highlighted the quantitative easing measures taken by governments to mitigate the damage caused by the COVID-19 pandemic. Money continues to be printed in countries around the world and fiscal measures are expected to continue for a few months. The United States, which already has more than $ 24 trillion in debt, has announced a $ 1 trillion stimulus package. [Investopedia, CNBC]
In an interview with CNBC, Novogratz described these measures as a “global money printing orgy” and explained that the current economic environment was a perfect time for investors to think about investing in Bitcoin and gold – a mood. agrees with Bloomberg and with many well-known investors, including Chamath Palihapitiya.
Novogratz has said that this year will be the year of Bitcoin and that if it weren’t like this he would hang up his gloves:
$ btc will remain volatile in the coming months, but the macroeconomic background is WHY it was created. This will and must be the year of BTC.
Bloomberg even said that Bitcoin is “maturing” and gaining legitimacy as an asset class.
A common theme in the published reports, as well as in the minds of potential investors, is erosion of confidence in the current financial system, which has shown weaknesses in the face of desperate and hasty reactions to protecting economies towards global closings.
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