Mike Novogratz’s healthy crypto correction view is losing traction.
Indeed, in a recent survey conducted by Bloomberg the audience was asked to sum up their view on cryptos by selection the following four option. This is how they voted.
“So we are going to knock out some of the crap from the system… it is healthy”
MIKE NOVOGRATZ
The top vote, scoring 37% is that cryptocurrencies are a fad with no intrinsic value.
Then 32% of the audience voted that cryptocurrencies are disruptive, but mainly to traditional banking.
Moreover, to underscore the fact that Mike Novogratz’s healthy crypto correction view is losing traction only 16% of the audience voted that cryptocurrencies will be bigger than the internet and that it was something like digital gold.
“Only 16% of the audience voted that cryptocurrencies will be bigger than the internet and that it was something like digital gold”
Mike Novogratz’s healthy crypto correction view is losing traction and that is being reflected in the crash of cryptocurrencies exchange value. The crypto hype bust played out during the start of 2018.
Bitcoin, which has become the bellwether index for all cryptocurrencies is approaching its 52 weeks low down a massive 57.18%.
For technical analysts, cryptocurrencies will probably be archived and studied as a modern day example of the Tulip mania. Cryptos are the bitcoin bubble for this generation, the dot-com bubble in hyper-speed.
“CNBC, not to pick on CNBC, but I think I can since I am here, they literally had a show where they were one by one walking people through how to buy the Ripple, the XRP coin, literally when it was trading at $3.20 having moved from $0.20 8 weeks earlier” – Mike Novogratz
Nevertheless, Mike Novogratz’s healthy crypto correction continues to be touted by the crypto king.
“CNBC, not to pick on CNBC, but I think I can since I am here, they literally had a show where they were one by one walking people through how to buy the Ripple, the XRP coin, literally when it was trading at $3.20 having moved from $0.20 8 weeks earlier” Novogratz said speaking to Bloomberg’s Erik Schatzker.
Mike Novogratz said that was “peak nonsense”
The crux of Mike Novogratz’s healthy crypto correction speak is that the regulators had to start clamping down in 2018 in order to protect speculative investors from driving the market to insane values. The regulators had to protect speculative investors from themselves, according to Mike Novogratz’s healthy crypto correction view.
Mike Novogratz, who is building out a crypto merchant bank, thinks it is a positive sign for the market.
“So we are going to knock out some of the crap from the system” he said. “It is healthy.”
“Mike Novogratz, the crypto king, scooped up $250 million in profit from trading in cryptocurrency during the course of the year (2016-2017) at the peak of the crypto mania”
So Mike Novogratz’s crypto optimism remains unabated.
Perhaps that is so surprising, bearing in mind that the crypto king scooped up $250 million in profit from trading in cryptocurrency during the course of the year (2016-2017) at the peak of the crypto mania.
But recently the Securities and Exchange Commission hit a number of cryptocurrency company with subpoenas.
Put another way, the law is now a headwind on cryptocurrencies which could regulate it into oblivion. Moreover, investors need to keep Mike Novogratz’s crypto optimism in check. In a piece entitled, Where Next For BitCoin it gives reasons why.
So the cavalry is charging on all fronts.
