Michael Novogratz: Bitcoin Down But Not Out, Store of Value for Future Stability is Settling In
Bitcoin Down But Not Out: Michael Novogratz
The cryptocurrency markets are still in the red. For the past several months, the plummeting price of Bitcoin has caused nearly every altcoin to bleed. Nearly every cryptocurrency in existence has seen falling prices, from the top to the bottom of the top twenty. As a result, gloom and bearish sentiments continue to permeate the market, casting a dark shadow on nearly every bit of potential good news.
But despite the gloom, many top analysts are still backing Bitcoin as a legitimate investment. To some experts, the long-term outlook is nothing but bullish, even though cryptocurrency prices have stagnated or gone red in the past few weeks. In particular, remarks from Galaxy Digital Founder Michael Novogratz highlight the growing optimism that the cryptocurrency community—specifically Bitcoin—will grind back from the tremendous losses in the crypto winter of 2018.
The New Store of Value
Novogratz first laid out his belief that blockchain technology has helped to change the way that the world conceptualizes the digital storing of value. He remarked that the original buyers of the cryptocurrency were those on the fringe, the libertarians and anti-establishment economists who wanted to live off of the grid. But as the currency became more popular, he said that adoption by massive entities like the Chinese government took it to a global reality.
He also believes that the cryptocurrency will bounce back from its recent lows and continue to reach new heights, although the re-up won’t happen overnight. He says that the biggest evidence of mass adoption will occur once people begin to realize that Bitcoin is a tremendously effective alternative to “gold sitting in a vault,” especially when it comes to the long-term store of value. When this happens, Novogratz says that the currency will continue to climb in both adoption and value.
The Internet 3.0
Novogratz’s belief in the power of blockchain technology and in Bitcoin extends beyond a simple store of value, too. In a speech given at the Yahoo Finance All Markets Summit, he quickly espoused his belief that the crypto is helping to create what will soon be known as the “Internet 3.0,” the newest evolution of the World Wide Web.
He finished the speech by outlining that, though the price of Bitcoin has grinded to a near-halt at around $6,000 per unit, the future is bright. Cryptocurrency will not immediately bounce back to its recent highs, but this expert believes that there will be a slow “grind back,” at the end of which we could see a new all-time high for the most popular cryptocurrency in the world.
A Popular Theory
Michael Novogratz made his fortune off of the cryptocurrency markets, and he is much more than a fringe analyst. Having gained the respect of financial analysts and experts all over the world, the crypto speculator recently won an interview with Fox Business, where he again outlined his bullish expectation that the Bitcoin market will rebound.