So during a Bloomberg Daybreak show in Europe, today on Feb 13, 2019, Mike Novogratz of Galaxy Digital discusses something very interesting that many investors, traders and crypto enthusiasts were waiting to listen. He says ‘we are in the fresh phase of recovery in crypto’.
We’re at Recovery in Crypto
In a discussion, Mike talks about the bitcoin bubble, occurred in late 2017, the nature of institutional investors and the future of Bitcoin. During the interview today, Mike was quite optimistic about the future of Bitcoin. While asking the phase of crypto enthusiasts are experiencing at present, Mike recalls price of Bitcoin in end 2017 and states it as ‘a fantastic bubble in crypto’.
We had a fantastic bubble in crypto. Last year we realized how painful the bubble can be.!said Mike
Pointing towards 2018 that showed 98% loss, then 68% and then 65% eventually, he calls it ‘a recovery phase’. Noting these stages in the crypto market, Mike believes that last year, the crypto market had a recovery’.
Bitcoin is Going to Be Digital Gold
Talking about the future of Bitcoin, he says that Bitcoin would be different from other cryptocurrencies, pointing Bitcoin as a digital Gold. He states that Bitcoin is a sovereign which will be surrounded by guns as it must have security. In his words;
Bitcoin gonna be a Digital Gold. There is gonna be where sovereign money – a place where you have sovereign money. US money is not Chinese money, it is sovereign. Sovereignty would cost a lot, it should cost a lot. Bitcoin is digital.
He further compare Bitcoin with gold, as such he says ‘we keep gold, surround by guns because it is a store value’. Moreover, Mike believes not every cryptocurrency needs the same level of security. He says;
Every cryptocurrency is need not to be surrounded by guns and every blockchain doesn’t need the same level of security, doesn’t need to be surrounded by Gun.