Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of the year I think I might just hang my spurs,” he said.
“We should have doubled within six months, we really should, this is the time, maybe within the end of the year, no retesting the old highs again,” said Novogratz.
The founder and CEO of Galaxy Digital shared this on CNBC’s “Closing Bell” where he said with central banks printing money, it feels like money is growing on trees. And this is the perfect setting for bitcoin, the hard asset.
— CNBC's Closing Bell (@CNBCClosingBell) April 2, 2020
Novogratz said “one story that is so crystal clear right now is bitcoin,” while central banks around the world monetize their debt.
“We're going to have four or five six trillion dollars of fiscal debt monetized by this and literally it is a printing press. It's exactly why bitcoin was created.”
After ending the quarter first of 2020 with a negative, 10% loss, bitcoin was off to a good start in April. Yesterday, the digital asset jumped above $7,000.
The leading crypto asset is currently up over 80% from the $3,850 low it put in mid-March. The violent sell-off in the crypto market that was in line with the stock market, however, saw increased interest from retailers. As we reported, from Coinbase, Kraken, to BitBank, Luno, and others, everyone saw record trading volume and signups.
But institutions might also be in for stacking some stats by buying the dip.
“I am seeing investors I never saw before, hedge fund investors, high net worth investors getting into Bitcoin for the first time.”
I haven’t seen this much organic new interest in bitcoin since early 2017 in my non-crypto circles. Got pinged by 3 separate old friends I haven’t spoken to in years about buying their first BTC yesterday.
— Ari Paul ⛓️ (@AriDavidPaul) April 2, 2020
But, as we have been seeing the liquidity crunch that resulted in everything from the stock market, to gold being sold -off, the dollar rose as everyone scrambled for USD. However, according to Novogratz, that's always the first reaction.
“What's the first reaction is to get to safety. All of a sudden though people are going to say, wait a minute what are you doing in the dollar.
So, that's when we come up with the next fiscal package which they'll come up with, I'm sure within the next four months another two or three trillion dollars because the first one wasn't enough.”
And this will be when more and more people will be getting into bitcoin, he said just like he’s “seeing it as we speak. I'm getting calls from real big investors who had never thought about it before are saying ‘tell me about this bitcoin.’”