Mike Novogratz, founder and CEO of digital assets merchant bank Galaxy Digital, remains optimistic that Bitcoin (BTC) will rebound following the pandemic-induced crypto market crash.
In a new interview on CNBC’s Closing Bell, Novogratz explains why he’s bullish on Bitcoin, reiterating his earlier prediction that 2020 is the year of the leading cryptocurrency.
“I am seeing investors I never saw before, hedge fund investors, high-net-worth investors getting into Bitcoin for the first time.”
Amidst the central bank’s efforts to prop up the economy, Novogratz told Bloomberg he increased his Bitcoin holdings. He expects the price of BTC to double in six months, but if his prediction turns out otherwise, he may give up on the crypto market.
“If it doesn’t go all out by the end of the year, I think I might just hang my spurs. Because if it doesn’t go up now, you know, I’m not sure when it will…
We should have doubled within six months, we really should have. This is the time, maybe within the end of the year.”
Novogratz says governments have forgotten the old adage that money doesn’t grow on trees, a factor that he believes will boost BTC in the long run.
He warns multiple rounds of quantitative easing, fueled by aggressive monetary policies to keep the economy afloat, will ultimately debase the value of fiat.
"This is the year for bitcoin," says @novogratz, and if it doesn't go up now, "I might just hang my spurs." pic.twitter.com/KbUQfMzzEI
— CNBC's Closing Bell (@CNBCClosingBell) April 2, 2020
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