Is Mike Novogratz’s “all in” on crypto view a bit of a joke?
It might not be funny for those investors who in some cases borrowed money in early 2018 to invest in cryptocurrencies. Year to date Bitcoin’s exchange value against the USD is down almost 80%.
“Year to date Bitcoin’s exchange value against the USD is down almost 80%”
Cryptocurrencies investors were monkey hammered in 2018
Mike Novogratz forecast “that Bitcoin price could fall to 8,000 USD, which is its long-term support level and then rally to 50,000 USD by the end of this year,” now looks embarrassingly daft.
Mike Novogratz, one-time lucky cryptocurrency investor/gambler made him a paper billionaire trading cryptocurrencies just a few years. He then earned the title of Crypto King.
Mike Novogratz’s “all in” on crypto view is beginning to sound like a horribly bad call
The Crypto King just keeps doubling down on his losses. Early this year Mike Novogratz said Bitcoin would rally to 50,000 USD. Mike Novogratz crypto optimism was then reinforced when the crypto billionaire and Founder of Galaxy Digital Capital Management said in a CNN interview May 9 that it would be “almost irresponsible to not invest in Bitcoin”.
“almost irresponsible to not invest in Bitcoin”
Now Mike Novogratz’s “all in” on crypto view is the latest. With Mike Novogratz nursing some heavy losses is there anyone left in the audience compos mentis and still listening to the dethroned crypto king?
But good forecasters are obliged to consider different scenarios so let’s zero in on the latest Mike Novogratz’s “all in” on cypto view.
“I went into it thinking in the long run crypto is going to be a real structural shift in the world and I can just hedge my portfolio. And to be fair, we did a really great job not losing money the first 60 percent down,” said Mike Novogratz.
“It’s not going to zero. We’re at the methadone clinic” – Mike Novogratz
I did think Bitcoin was going to hold at $6,200. It stayed there for four months. It felt like the selling was finished. But then Bitcoin Cash decided to fork again, said Mike Novogratz.
Back when Bitcoin was on its way toward $20,000, there was a sense of inevitability about crypto. Is there still that sense?
“That was a drug, and I don’t say that lightly. When you’re in the speculative mania, testosterone is boiling over and there’s a lot of greed”.
“It’s not going to zero. We’re at the methadone clinic”, Mike Novogratz.
So that is Mike Novogratz’s “all in” on crypto view. But my fifty cents worth is that cryptocurrencies outside the control of the central bank will be engineered to fail and that view has been bang on the money.