Michael Novogratz Hopes for a Renaissance as Bitcoin Bottoms Out

Michael Novogratz Hopes for a Renaissance as Bitcoin Bottoms Out
ôîòî ïîêàçàíî ñ : blokt.com

2018-9-24 15:29

Michael Novogratz is one of the most influential voices in the crypto sphere. The former macro hedge fund manager and founder of Galaxy Digital Capital Management — a cryptocurrency asset management firm — said Thursday, Sept. 20, that Bitcoin has reached its bottom and is ready to return to a bull market. He is one among many crypto bulls who believe that Bitcoin will get over its bearish phase and regulatory uncertainty and eventually go past its previous highs.

Bitcoin Is Just Going Through Seller Fatigue

Speaking at Yahoo Finance’s second annual All Markets Summit, Novogratz said that Bitcoin experienced a “classic speculative global mania” in the years 2016 to 2017, after which “seller fatigue” set in. Note that during this time, the price of every Bitcoin reached $20,000 only to fall back to a third of this valuation a few months later. The entirety of 2018 has been a disappointing phase for investors as prices tumbled down consistently, barring some sporadic days of hope that haven’t converted into anything substantial yet.

Quoting the cryptocurrency index at Galaxy Digital, Novogratz said that Bitcoin had hit a “classic bottom,” with an 85-percent sell-off. The index, launched in May with Bloomberg and tracks the performance of 10 cryptocurrencies.

Bitcoin Establishes Itself as a Store of Value

Michael Novogratz, also the former Fortress Investment Group fund manager and Goldman Sachs Group partner, says that even though Bitcoin has faced tough times, it has held to $6,000. He added:

“Yes, it is off its highs, but it has established itself as a store of value.”

Bitcoin continues to dominate the digital currency market composed of about 2,000 coins and tokens. A rise in the price of BTC would mean a huge boost for the market overall as the total market capitalization would rise significantly.

As one of the most prominent crypto supporters on Wall Street and someone who has years of experience working with US financial institutions, Novogratz believes that banks will eventually experience the fear of missing out or FOMO. He said the institutional money is also gearing up for big crypto investments, and the interest is particularly strong with venture funds. This move could help to boost prices significantly. Retail investors, who shied away from the crypto market due to the bear phase, could also return.

Michael Novogratz Hopes for a Renaissance as Bitcoin Bottoms Out was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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