Mike Novogratz Talks Again
Mike Novogratz is a former Goldman Sachs partner and now represents Wall Street's transformation to Crypto. He is now CEO of Galaxy Digital CEO Michael Novogratz and said with the U.S. Federal Reserve continuing to print money like it grows on trees, along with other central banks around the world, things could get really bullish for Bitcoin.
Mike said he thought that Bitcoin could mirror gold as well. Mike’s latest interview was today on CNBC. He reiterated this thesis to go long Bitcoin and how Bitcoin could move in sync with gold. Mike said he has a big position in bitcoin and thought the times we are in now are great for going long bitcoin and gold.
Mike Novogratz, the longtime money manager who now runs digital currency investor Galaxy Digital Holdings Ltd., said the stock market is “unhinged from reality” as it rises higher -- and small investors should get out before it crashes.
“We are in irrational exuberance -- this is a bubble,” he said Friday in a Bloomberg Television interview. “The economy is grinding, slowing down, we’re lurching in and out of Covid, yet the tech market makes new highs every day. That’s a classic speculative bubble.”
Novogratz said the surge in equities, especially tech stocks, reminds him of the rally in Bitcoin prices in 2017, when the cryptocurrency went from $8,000 to almost $20,000 within a couple months due to retail interest before crashing.
Galaxy Digital Holdings Ltd. is a limited partner in Galaxy Digital LP, a merchant banking institution dedicated to the digital assets and blockchain technology sector. So what does Galaxy really do, they are facilitating the infrastructure needed to get Wallstreet money and high net wealth earnings into the crypto space. According to Mike, the process is still labor intensive, but he see more and more of the Smart Money want into the crypto space.
Mike predicts that every major bank on Wallstreet is going to have a cryptocurrency trading desk in the future because of growing demand by their customers.
So will the price of Bitcoin be range bound until the floodgates are opened up for Wall Street, not according to Adam Back?
Adam Back is a cryptographer and CEO of Blockstream. However, Adam was one of the eight references Satoshi Nakamoto wrote in the original Bitcoin white paper. And according to Adam, Bitcoin can rise as high as $300,000 even without institutional money.
It appears the Bitcoin miners feelings are somewhat similar, at least that the Bitcoin price is going higher. Bitcoin’s hashrate recently hit a new all-time high of more than 125 EH/s. Hash rate is a general measure of the processing power of the Bitcoin network and the higher the hashrate, the more secure the network is. So the fact that the miners have upgraded their equipment to support the network, means they put out X capital dollars with the hope of some type of ROI in the future. Yes, supply has been cut in half, but one Bitcoin a year from one could be at least double the price today.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Posted Using LeoFinance
