Sign Up on MEXCWhat Makes Michael Novogratz Super Bullish On Crypto Amid Regulatory Crackdowns?
According to Michael Novogratz, the founder of Galaxy Digital Holdings Ltd., a financial services company in the crypto industry, the crypto markets seem to be exhibiting spectacular strength this year. He attributes this to the fact that sellers are feeling fatigued following the mass sell-offs witnessed in the past few months and the regulatory restrictions in China being relaxed. Furthermore, he notes that Hong Kong is becoming more receptive to the digital asset sector and gradually becoming a hub for crypto firms.
Novogratz Sees Crypto Gaining Strength
During a conference call for the company’s quarterly earnings on Tuesday, the Galaxy Digital CEO stated that financial banking crisis in the United States served as an “adrenaline shot” for the price of Bitcoin and provided the crypto community with “unbelievable resilience” towards the broader crypto sector.
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While speaking about crypto’s substantial rise this year, Novogratz summarized them for two primary reasons. One of which includes the seller’s exhaustion, thereby lowering the sell-pressure and the growing number of activities coming from Asian countries. According to him, China’s move of removing the regulatory shackles hanging over the heads of their tech enterprises has benefitted largely to the crypto sector.
Crypto To Outgrow Even More?
Despite the fact that the trading of cryptocurrencies has been made illegal on the Chinese mainland, the city of Hong Kong revealed a strategy late last year to position itself as a hub for digital assets and Web3 enterprises. As reported earlier on CoinGape, Chinese banks have been directly reaching out to crypto businesses over the past few months, and regulators in Hong Kong are about to convene a meeting to assist crypto enterprises with banking.
The 58-year-old business tycoon seemed pretty bullish on the overall crypto-space and was quoted as saying:
It wouldn’t surprise me if we were substantially higher three months, six months, nine months from now.
Earlier, he had forecast that the price of BTC may climb back up to $30,000 by the end of March. As things stand, Bitcoin’s price is currently exchanging hands at $27,257 which represents a gain of 0.51% in the past 24 hours.
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