Crypto luminaries are convening to mark the third Bitcoin halving event, which is expected to happen within the next hour and a half. Livestream guests include crypto analysts, founders and supporters – Michael Novogratz, Max Keiser and Jimmy Song, among others – who are deliberating how the new rate of Bitcoin being produced will impact the markets and reshape the definition of money.
They cover everything from regulators, who have delayed the approval of a Bitcoin exchange-traded fund, to legendary investor Paul Tudor Jones, who just announced his entry into Bitcoin, to Bitcoin’s most recent precipitous drop from $9,963 on Thursday to its current price of $8,650 on Monday, and whether or not the leading crypto asset can actually move the industry to where it wants to be, given its ongoing liquidity gaps and regulatory concerns – despite how much the coronavirus outbreak is destabilizing the global financial system.
Novogratz, founder of Galaxy Digital, says the space needs more innovation, more products, more on-ramps, more ways to reach retail investors.
“The biggest untapped sector of where new buyers to the Bitcoin ecosystem are going to come are 50 to 80-year-old baby boomers that buy their stocks and bonds through registered investment advisors, brokers like ETrade or Goldman Sachs.”
Novogratz says one of the few on-ramps for this group is the Grayscale Bitcoin Trust, which carries a premium. He calls it “a beautiful way to get money into the system” but an expensive one for customers.
The long-term goal, he argues, is to introduce more products that give more people exposure to the asset class.
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