Mike Novogratz Bullish on Bitcoin! Mike Novogratz bullish on Bitcoin despite Bitcoin falling under $7,000.00. He cites greater adoption around the globe and the unprecedented actions taken by central banks battling the fallout from the Coronavirus.
“The risk on any store of value, if it’s gold, is that enough people believe in it… It’s still a question of adoption. I’m just seeing more adoption here in the US and in Europe than I have literally since I started this” said Novogratz in a Bloomberg TV interview.
Novogratz is well known as the chief executive officer of Galaxy Digital Holdings Ltd., and became fascinated by Cryptocurrency after its introduction more than a decade ago. New investors include hedge funds and high-net worth individuals buying cryptocurrency.
Bitcoin was down 5.4% this morning and other top coins including Litecoin and XRP also fell more than 5% each.
Central banks around the world are making hard assets more appealing in the long-run. Bitcoin’s upcoming halving is also making a bullish case for Bitcoin – the halving is an anti-inflationary tactic that helps prevent the erosion of the cryptocurrency’s value.
While Novogratz is bullish on cryptocurrencies and Bitcoin in particular, his views on equities and credit markets are the inverse.
“I got short Friday for the first time in a while – both stocks and credit”.
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