Thursday, October 6, 2022
HomeBTCMike Novogratz backs bitcoin to tackle ongoing regulatory regime

Mike Novogratz backs bitcoin to tackle ongoing regulatory regime

Galaxy Investment’s CEO Michael Novogratz expresses his faith in BTC despite ongoing high regulatory scrutiny around Bitcoin. The cryptocurrency investor has long been a fervent proponent of Bitcoin. Galaxy Investment’s CEO while speaking to CNBC, Novogratz recently affirmed his belief in Bitcoin and its potential to circumvent the regulatory regime.  

Mike Novogratz predicts regulators will accept bitcoin

Novogratz anticipates that BTC will finally be accepted by regulators despite the adverse macroeconomic scenario. On September 20, the bitcoin advocate Novogratz was speaking to CNBC. He was questioned by Joe Kernen when Bitcoin was almost as expensive as gold. Gold is currently trading at $1,600 while Bitcoin is still at $19,000. In response, Novogratz stated that individuals were purchasing these assets to combat inflation. He continued by saying that if the present macro trend changes, both gold and BTC may profit. 

Mike Novogratz repeatedly claimed that building up Bitcoins holding over time might yield huge benefits. BTC is now displaying negative patterns with ongoing falling prices.  Bitcoin has fallen below $20,000 as many as five times in the past three months. The price of Bitcoin as of this writing is $18,978.41, a decrease of 1.98% over the previous 24 hours, according to market tracker CoinMarketCap. In the past several months, there has been a significant change in the market value split among the major cryptocurrencies. The market share of Bitcoin has dropped to 41% from a previous peak of over 48% in June.

Novogratz recently predicted that because of the slowing institutional capital flow, BTC will not see a price increase in the near future. He said at the time that despite the low demand, current institutional investors in Bitcoin will not reduce their holdings.

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