Mike Novogratz sees cryptocurrency volatility going forward.
Mike Novogratz founder and CEO of Galaxy Digital discusses Bitcoin’s recent price action and his outlook on the crypto space. Mike Novogratz, king of the cryptocurrency tribe, predictably has a bullish stance on cryptocurrency.
“Mike Novogratz, king of the cryptocurrency tribe, predictably has a bullish stance on cryptocurrency”
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Mike Novogratz sees cryptocurrency volatility going forward, but he remains adamant that the recent rally in Bitcoin is different this time
Mike Novogratz believes that Bitcoin’s current rally, up $19,170 per bitcoin, is different from what we saw in 2017. Bitcoin reached a peak of $19,783 per bitcoin in late 2017.
So here is the crypto king’s take on why he believes that the 2020 rally is unique this time and not another global speculative mania.
“Listen, 2017 was a global speculative mania. And if you even look on, like, Google searches, we’re nowhere near what 2017 looked like, right? It was driven by small retail investors. It was kind of the first people’s revolution in lots of ways” said Mike Novogratz.
“Listen, 2017 was a global speculative mania. And if you even look on, like, Google searches, we’re nowhere near what 2017 looked like, right”
Mike Novogratz see cryptocurrency volatility, and a continuing rally being spurred by the so-called smart money
“This rally is being driven by institutions slowly getting into this space– high net worth individuals, hedge funds, real institutions. Bitcoin has become a macro asset– a macro asset to hedge against the debasement of fiat currency both here in the US and abroad. And so that story has taken hold” added Mike Novogratz.
“Bitcoin has always been valued as a social construct very similar to gold” – Mike Novogratz
“Bitcoin has always been valued as a social construct very similar to gold. It’s valuable because we say it is valuable. And as more and more credible participants get in, when Stan Druckenmiller says, I’m buying Bitcoin– Stan Druckenmiller is kind of God in the macro space. If there were a God, it would be Stan. And so, you know, the credibility of the space keeps growing” he added.
Mike Novogratz sees cryptocurrency volatility going forward, in an ongoing rally, but who is buying it?
Think about it. If the smart money is already in, and the retailers are no longer playing, how can Bitcoin’s price go higher?
Mike Novogratz either doesn’t know or he is pretending that he doesn’t know the difference between tangible and intangible assets. Precious metals have utility. Silver and gold are excellent conductors of electricity and make desirable pieces of jewelry. Moreover, PM is a true store of wealth, proving the test of time.
Cryptocurrencies are a digitally encrypted ledger traded on an exchange that has now become too volatile as a medium of exchange
Cryptocurrencies are also not secure. Crypto Criminals Have Already Stolen $1.4B in 2020, Says CipherTrace.
The highest level of encryption is not commercially available, nor is it available for export, the keys are held by the CIA.
Put simply, anything done on a computer connected to a network is hackable.
But it is the Fed, owned by secret shareholders, who also own the world’s most valuable brand, king US dollars, that bankrolls the CIA.
What happens to those who attempt to dethrone the king?
“Listen, if something dramatic changed — if Janet Yellen came in and said, we’re going to arrest anyone who touches a Bitcoin, you know, the regulatory risk is there” said Mike Novogratz. Full interview is available here.