Crypto Billionaire Michael Novogratz’s Bitcoin Bullishness Builds Despite BTC Price Down 75%
Michael Novogratz Is Much More Bullish On Bitcoin Recently
The founder of the Galaxy Digital fund, Michael Novogratz, has recently talked about how he has become much more bullish on Bitcoin this year. According to him, despite the prices still being down from the peak, this is a great time to invest in BTC.
He has affirmed that the crypto industry has shown efforts to move in the “right direction” now and that it is ready to create a more regulated and transparent market, which will be more secure to investors.
According to him, companies like Binance and several other important ones are making an important effort to create a better crypto space and to prevent money laundering. This has made the new institutional investors more interested in investing in this market, which is now getting more stable and trustworthy.
The TRADE Crypto has made research together with BitGo and the company found out that 141 from 150 endowments already invested in cryptocurrencies. The managing editor of The TRADE, Jonathan Watkins, affirmed that the numbers were really convincing.
To him, it was interesting to see that despite all concerns about regulation, custody, and liquidity, people are simply investing in this new asset and that this could change the game for endowment funds.
Anthony Pompliano, another important figure in the industry and current CEO of Morgan Creek Digital, has also announced recently that $40 million USD crypto venture funds invested in his company. He said that the “institutions aren’t coming. They are already here”. All of this shows the potential of the market right now.
Earlier this week, Bitcoin processed $7 billion onchain in a single day.
Venmo did $62 billion in volume in 2018.
That means Bitcoin did more than 11% of Venmo’s annual volume in a single day.
Bitcoin is the killer app.
— Pomp 🌪 (@APompliano) April 17, 2019
What Do We Need To Finish The Bear Market For Once And For All?
The main question in the mind of the investors right now is how the market will actually recuperate and reach new highs again. During late 2017, Bitcoin achieved a price of $20,000 USD. In the following months, however, it has plummeted to $3,100 USD.
According to Novogratz, a lot of the crypto value came from speculation in 2017 and this is why the market crashed. However, now there are real reasons to be very excited with the crypto market and some real growth can be made.
He compared speculation to a drug. According to him, there is a lot of testosterone and there is greed. People want more and more, so they end up getting carried away and, at the end of the bull run, people are afraid that the asset is going to go to zero and they all leave.
Also, there were so many speculative retail investors that big macro funds are still afraid of entering the market, so they are doing it very slowly. However, he expects that these funds will be triggered by fear of missing out later and will eventually come to the industry as well.
In any case, he recommends that companies should have at least 1% of their assets in Bitcoin to profit from when the prices go up.
— Michael Novogratz (@novogratz) April 17, 2019