Mike Novogratz: Institutional Investors Will See Bitcoin’s Price Decline as Opportunity to Buy – Markets and Prices Bitcoin News


Galaxy Digital CEO Michael Novogratz says he is not nervous about bitcoin’s price falling, even when it falls below $30K. “The ecosystem is so much more mature. The amount of players that are moving in are so much more mature. Every single bank is working on their own crypto project,” he said.

Novogratz Still Bullish About Bitcoin

Mike Novogratz commented on the bitcoin market Tuesday in an interview with CNBC as the price of the cryptocurrency fell below $30K. Commenting on the falling BTC price, Novogratz said:

How To Get Free Crypto  

If it’s really breached, $25,000 is the next big level of support … I’m less happy than I was at $60,000, but I’m not nervous.

The Galaxy Digital CEO opined: “We had China really be much more forceful in their idea to ban cryptocurrency. That’s created a retail deleveraging. A lot of crypto happens in Asia, a lot of it is Chinese focused. So we’re seeing big liquidations, so it’s hard to call a bottom.”

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 amount of players that are moving in are so much more mature. Every single bank is working on their own crypto project, how they can get bitcoin to their wealth 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.

Coinbase Banner  

What do you think about Mike Novogratz’s comments about bitcoin? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Go to Source
Author: Kevin Helms

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.