According to Michael Novogratz, there is no need to panic for anyone holding Bitcoins even if the value falls further low. He is not concerned at all about what the heck is going around or what is going to happen in the future regarding Bitcoin. He thinks over the time Bitcoin has attained maturity that this very maturity would encourage and force investors from the institutional sector to buy the dip.
The Chief Executive Officer of Galaxy Digital, Michael Novogratz, hasn’t changed even 1% of his views regarding Bitcoin. He was and is a notable proponent and an ambassador of Bitcoin for all these years. While, there is nothing good for Bitcoin currently, yet Novogratz is ensuring that Bitcoin is not left alone. He is offering his relentless support to Bitcoin and believes that the whole crypto-economy is dependent on the very existence of Bitcoin.
Today i.e. 22nd June 2021, Novogratz was called up for an interview with CNBC. At there, he talked about the recent Bitcoin market crash where Bitcoin’s value moved down below the US$ 30,000 mark and Bitcoin’s future.
He commented that for the majority of people Bitcoin has been breached immensely. Now the next threshold for Bitcoin to look for is somewhere around US$ 25,000. He added that though he is not happy about what is currently happening to Bitcoin’s global market, ye he isn’t nervous at all. He suggested that he is not panicking and those who are panicking would need to calm down and gain a conscience. He then advised that the apparent dip in Bitcoin is in fact an opportunity. According to him, this opportunity will evidently be grabbed by those investors who belong to the institutional sector.
Novogratz also talked about the movement initiated by the Chinese Government and authorities against Bitcoin within China. He agreed that most of the Bitcoin economy and market rely on what is happening in China. Certainly, China is the major hub hosting almost 90% of the Bitcoin mining facilities. Any damage caused to the Chinese Bitcoin mining industry would surely have consequences and impacts upon the whole crypto economy.
He further said that in the near future he is failed to see an end of the Chinese crackdown operation. In fact, he believes that it would continue longer than anyone can imagine. Because of the crackdown, Bitcoin has been exposed to excessive volatility.
In the end, he suggested everything will come to normal again but meanwhile investors should continue to support Bitcoin.
Novogratz believes that the Chinese government’s crackdown is a long-term positive for bitcoin. “Maybe not in the short run, but it’s a good thing. That’s what’s created this excessive volatility that we’ve seen,” he detailed.
Recently, Facebook’s head of payments and the Diem crypto project, David Marcus, also said that China cracking down on bitcoin mining is “a great development” for bitcoin. Many people agreed with him on Twitter.
Overall, Novogratz does not expect bitcoin to suffer a massive crash, elaborating:
The ecosystem is so much more mature. The number of players that are moving in is so much more mature. Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients.
“I think a lot of clients that didn’t buy it the first time will see this [the low price level] as an opportunity to buy it and get involved,” he concluded.