Michael Novogratz, the chief executive officer of Galaxy Investment, is not too worried about the regulatory pressure around Bitcoin (BTC). The crypto investor has been a strong advocate of Bitcoin from a long time now. In fact, he is one of the few early investors in the top crypto asset. In a latest, the CEO reiterated his confidence on BTC and its capabilities in getting past the regulatory framework.
Despite the adverse macroeconomic scenario, Novogratz expects BTC to eventually find itself acceptable for regulators. Speaking to CNBC on Tuesday, the investor recalled the comparison of Bitcoin with gold. Joe Kernen asked him about the times when BTC was nearly the same price as gold. Bitcoin is still at $19,000 level while gold is still at $1,600. Reacting to this, Novogratz said people were buying these assets to fight inflation. He added that both gold and BTC could benefit if the current macro trend reverses.
“In the long run, gold will win and Bitcoin will win if the central bankers and governments revert back the interest rate rise.”
Mike Novogratz always maintained that long term Bitcoin accumulation could pay rich dividends. Meanwhile, BTC is showing disappointing trends with continuous price dips. In the last three months, the top cryptocurrency dipped below $20,000 for as many as five times. As of writing, BTC price stands at $18,978.41, down 1.98% in the last 24 hours, according to price tracker CoinMarketCap. The share of market value among major cryptocurrencies has seen a huge shift in past few months. From a recent high of around 48% in June, Bitcoin’s dominance in the crypto space is currently down to 41%.
Recently, Novogratz said BTC would not have a price rally in the short term, thanks to slowing down on institutional fund flow. However, existing institutional investors in Bitcoin will not back off due to the low demand, he added at the time.
Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…
White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…
Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…
Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…
Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…
In fresh developments, the United States and China’s trade teams have commenced negotiations on the…