Mike Novogratz Sees Bitcoin Bottom coming in the second part of January.
Crypto-billionaire Mike Novogratz, CEO, and founder of Galaxy Digital Holdings said on January 6 in a business interview that he would be waiting a little bit longer to buy crypto. Referring to the Bitcoin chart Mike Novogratz believes that the $38k-$40k price level is where Bitcoin would find support and a bottom after a monster year.
So imminent smart money inflows into Bitcoin is the crux to Mike Novogratz Sees Bitcoin Bottom coming thesis.
“Mike Novogratz, CEO, and founder of Galaxy Digital Holdings said on January 6 in a business interview that he would be waiting a little bit longer to buy crypto”
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Here is the zinger; “I know big institutions who are going through their process to put positions on. They’re going to see those as attractive levels to buy,” said Mike Novogratz.
Mike Novogratz’s Galaxy Digital Holdings focuses on digital assets, and the blockchain, so he has a heads up regarding institutional latest moves. The industry refers to the Institutions as the so-called smart and the retailers as the dumb money. But performance has a lot to do with who you know rather than how smart you are.
What is interesting is that Mike Novogratz Sees Bitcoin Bottom, meanwhile, SEC’s Gensler won’t say whether ether is a security, amid crypto market slide
George Carlin, an American comedian, famously said, “It’s a big club and you ain’t in it.”
So as outsiders, retailers, we can only join the dots and make a guestimate of what comes next.
“It’s a big club and you ain’t in it”
We bet that the institutions with billions of dollars to invest have probably got SEC’s Gensler on lighting speed dial. It is a big club, right? Have you checked lately the number of Fed members reportedly caught insider dealing during the pandemic? So during 2020 global lockdowns, as the economy freefalls, the Fed unleashes a massive asset purchase program.
Meanwhile, a few Fed members bought stocks on personal accounts and rode the QE-inspired bull market to the bank. The writing is on the wall. If you want to achieve alpha returns, you have to be a policymaker. So, nobody should be surprised that the queen of stonks in 2021 was Nancy Pelosi, speaker of the House of Representatives. So a senior US politician outperformed the top hedge funds managers in 2021. We now have a plutocracy where elected officials no longer serve the people who elect them instead they serve corporate oligarchs.
“Crypto had a monster year last year. It’s hard to think you’re going to grow up in the sky nonstop. This is a pullback. We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term” – Mike Novogratz
But back to the theme, Mike Novogratz sees Bitcoin Bottom view perhaps the billionaire crypto investor is a bank on the money.
Think about it. Institutions are getting ready to make large investments into cryptocurrencies, according to Mike Novogratz. Meanwhile, SEC’s Gensler conveniently remains vague about regulations that are spreading fear, uncertainty, and doubt FUD in the two trillion dollar cryptocurrency market.
So as the price of cryptos slides, institutions are on the other sideline waiting to buy the dip.
“Crypto had a monster year last year. It’s hard to think you’re going to grow up in the sky nonstop. This is a pullback. We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term,” said Mike Novogratz.