Galaxy Digital CEO Mike Novogratz says that his bullish outlook on Bitcoin (BTC) has solely strengthened within the final six months.
In a brand new CNBC interview, Novogratz says that regular retail buying and selling thus far in 2023 and the risk of spot Bitcoin exchange-traded funds (ETFs) makes him much more assured in his bullish place on the king crypto.
“Bitcoin’s acquired the extra adoption cycle, proper? What drove Bitcoin this yr was retail and so they proceed to purchase and so they proceed to purchase. And now we’ve acquired an ETF on the best way. And so I’m extra snug being lengthy Bitcoin right this moment than I used to be six months in the past. Six months in the past, it was scary. Now we see the long run type of spilling out.”
Novogratz additionally says that whereas there may be pressure between Bitcoin and regulators in addition to central banks, he believes that Bitcoin adoption is barely going to extend after the top-performing digital asset survived troublesome conditions together with scandals and high-interest charges.
Six months in the past, Bitcoin suffered from the fallout of the FTX scandal and dropped to the $16,000 degree.
“I like to think about Bitcoin as digital gold, a retailer of worth. That retains the tempers or the nerves of central bankers down somewhat bit. Once you begin speaking forex, they get nervous. However there’s that pressure there.
However the cat is out of the bag. Bitcoin will not be going away. You threw every thing you possibly can at it and it’s up 80% on the yr with rates of interest increased. And so the adoption cycle continues. Large concepts are nearly not possible to kill, and it is a actually huge thought.”
Bitcoin is presently buying and selling for $29,812 at time of writing, down 0.2% over the last 24 hours.
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