Despite the crashing market, founder of the Galaxy Digital, Michael Novogratz believes Bitcoin is still performing well if we look at its broader perspective. Speaking at the Bloomberg’s Erik Schatzker on “Bloomberg Markets”, Novogratz said that he sees ‘Bitcoin at $3000 to $6000 in the near future.
While at press time, the topmost cryptocurrency is trading at the value of $3764.57 with the total marketcap of $65,619,484,907. Currently, it is moving upward with the positive growth of 7.20% during 24hrs.
Crypto and Macro Trading
Discussing on Bloomberg Market,, Novogratz opined that due to price crash, crypto and bitcoin is less exciting now but if we see them in a ‘broader perspective, it is actually good –he asserted to think about Bitcoin 2 years ago or 10 years ago, consequently this view of bitcoin price has very much to speak than its story since a year back.
Novogratz continued about the era of macro trading. He said that the people were not so compelling on macro trading earlier and crypto was exciting. Further, he added that for quite a few days, the macro is overseen than crypto and as a result, bitcoin and crypto is less exciting these days.
Going back in the year 2017 where bitcoin was trading to all-time high and have reached the peak of $20000, Novogratz considered Bitcoin to become as the store of value. He told Bloomberg;
“This is a mania built on something real. I am certain we will have a digital store of wealth. I think it will be Bitcoin,”
In this volatile market, Galaxy Digital CEO has a view on Bitcoin to trade between the value of $3000 – $6000 for foreseeable future. However, his view of these figures are for short-term definitely, he moreover encouraged investors to think about the long term.
So what do you think about Bitcoin price? where will the group move? Let’s discuss.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com