Galaxy Digital’s Mike Novogratz makes predictions for Bitcoin in 2022 and says that huge institutional investment is waiting in the coming months because the market will be highly volatile throughout this year as well.
It has been a while when Bitcoin has been able to make any commendable change. Instead, its price is gradually sinking and since November 2011 it has sunk from US$ 60K to US$ 41K. Usually, the dips do not last longer than a month for Bitcoin. However, this time, the dip is there since November and continues to remain in the field as of today as well. This is the reason why the global crypto economy has sunk by more than 7% since November.
For Bitcoin holders, the shrinkage of Bitcoin’s value is not a good thing. However, from the investors’ point of view, the lower value of Bitcoin would give them better opportunities for investment. At the price of one, investors can buy at least 1.5 Bitcoins today, says Mike Novogratz, CEO of Galaxy Digital.
Novogratz told CNBC that 2021 was the monstrous year for the digital economy sector. But people must consider that market conditions change for every instrument of investment. Bitcoin is also no different. He then suggested that he is witnessing a great investment period ahead for Bitcoin and other digital currencies. He predicted that the majority of the future investment will be coming in from the institutional sector.
He further pointed out that the crypto market will be highly speculative and volatile in 2022 as well. He argued that the market will purely rest on the Bitcoin prices. He, therefore, suggested that it is crucial for Bitcoin to bring some stability in the price. He recommended that for Bitcoin to get institutional investment, it is just that the price range should be between $38K to 42K. It is this price level that will attract immense support for the leading crypto coin, argued Novogratz.
On his personal level, he further suggested that he is aware of some institutional investors within his circle, which are willing to invest. The only condition for the investors is that Bitcoin must maintain its price above the 30K level.
