Michael Novogratz, CEO of Galaxy Digital, says that he doesn’t worry about bitcoin’s falling price, even if it drops below $30K. “The ecosystem has matured so much. The number of players who are entering the market is much greater. He said that every bank is working on its own crypto project.
Novogratz still bullish on Bitcoin
Mike Novogratz spoke out Tuesday about the bitcoin market as the price fell below $30K. Novogratz commented on the falling BTC prices:
“If it’s breached, $25,000 would be the next level of support. I’m less content than I was at $60,000 but I’m not anxious.”
The Galaxy Digital CEO stated that China was much more aggressive in its idea to ban cryptocurrency. This has led to retail deleveraging. Many crypto transactions take place in Asia and a lot of them are Chinese-focused. We’re witnessing large liquidations so it’s difficult to say if there’s a bottom.
Novogratz believes the crackdown by the Chinese government is a long-term benefit for bitcoin. Although it may not be beneficial in the short term, it is a positive thing. He explained that this is what has caused the excessive volatility we’ve witnessed.
David Marcus, Facebook’s head for payments and the Diem cryptocurrency project, stated recently that China’s crackdown on bitcoin mining was ” a great advancement” in bitcoin. He was supported by many people on Twitter.
Novogratz doesn’t expect bitcoin to experience a major crash.
The ecosystem is much more mature. The ecosystem is much more mature due to the number of players who are entering. Every bank is developing its own cryptocurrency project to help its clients get bitcoin.
He concluded, “I believe a lot of clients who didn’t purchase it the first time will view this [the low-cost level] as an opportunity for them to buy it and get involved.”