Galaxy Digital CEO Mike Novogratz Says Bitcoin Has Hit The Bottom
January 10 2022 - 12:00PM
NEWSBTC
Bitcoin has been on a downward streak since the last quarter of
2021, and this has spilled into the new year. As January goes into
full bloom, it has come with discouraging movements for investors
as over $500 billion has been wiped off the market. This has sent
bitcoin’s price down to the dreaded $40,000 price range. One
question that remains in the mind of investors is, has the market
seen the bitcoin bottom? Billionaire Mike Novogratz attempts to
answer this as he puts forwards his thoughts on the issue and
predicts the bitcoin bottom. Related Reading | TA: Bitcoin Key
Indicators Suggest A Strengthening Case For More Downsides Bitcoin
Should Bottom Out Between $38,000 to $40,000 Galaxy Digital CEO
Mike Novogratz has always been an active voice in the crypto space
and has at various times given his thoughts on the market. This
time around, Novogratz sat down with CNBC’s Squawk Box, where he
predicted where the bottom of the current bitcoin downtrend will
be. The billionaire CEO placed the floor of the current downtrend
at $38,000 which he does not see bitcoin going under. Currently,
bitcoin’s lowest during the dips have been $40,680, from which the
digital asset has since recovered. But if Novogratz’s predictions
are anything to go by, then the market may see another dip before
there is a full-blown recovery trend. BTC price tumbles down to
$41,475 | Source: BTCUSD on TradingView.com The CEO gives his
reason for this bottom as institutional investors taking advantage
of the low prices to get into the digital asset. I” know big
institutions who are going through their process to put positions
on. They’re going to see those as attractive levels to buy,”
Novogratz said. “On the charts, $38,000, $40,000 feels like where
we should bottom,” he added. Inflation Will Drive Growth Continuing
on, Novogratz shares more regarding his stance on this predicted
bitcoin bottom. One of those has been inflation. Those who have
been following the markets know that rising inflation rates have
led to increasing concerns among investors who have begun to look
for alternatives to gold to serve as an inflation hedge. Bitcoin
has naturally become the option for these investors. The Fed
believes that inflation rates will begin to come down, but the CEO
explained that if this does not go as planned, then “all bets are
off.” Related Reading | Melania Trump Congratulates Bitcoin On
13th Anniversary Of Bitcoin Genesis Block Digital Galaxy, on which
Novogratz heads as CEO, has made a name for itself in the space as
being a big bitcoin proponent. The company currently holds over
12,000 bitcoins, making it one of the companies with the largest
bitcoin holdings in the world. Mike Novogratz himself also has a
personal stake in cryptocurrencies, revealing that he holds about
85% of his net worth in cryptocurrencies, which at the time
translated to up to $4.8 billion held by the billionaire in crypto.
Featured image from Stock Hax, chart from TradingView.com
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