Michael Novogratz Hopes for a Renaissance as Bitcoin Bottoms Out

Michael Novogratz Hopes for a Renaissance as Bitcoin Bottoms Out
ôîòî ïîêàçàíî ñ : blokt.com

2018-9-24 15:29

Michael Novogratz is one of the most influential voices in the crypto sphere. The former macro hedge fund manager and founder of Galaxy Digital Capital Management — a cryptocurrency asset management firm — said Thursday, Sept. 20, that Bitcoin has reached its bottom and is ready to return to a bull market. He is one among many crypto bulls who believe that Bitcoin will get over its bearish phase and regulatory uncertainty and eventually go past its previous highs.

Bitcoin Is Just Going Through Seller Fatigue

Speaking at Yahoo Finance’s second annual All Markets Summit, Novogratz said that Bitcoin experienced a “classic speculative global mania” in the years 2016 to 2017, after which “seller fatigue” set in. Note that during this time, the price of every Bitcoin reached $20,000 only to fall back to a third of this valuation a few months later. The entirety of 2018 has been a disappointing phase for investors as prices tumbled down consistently, barring some sporadic days of hope that haven’t converted into anything substantial yet.

Quoting the cryptocurrency index at Galaxy Digital, Novogratz said that Bitcoin had hit a “classic bottom,” with an 85-percent sell-off. The index, launched in May with Bloomberg and tracks the performance of 10 cryptocurrencies.

Bitcoin Establishes Itself as a Store of Value

Michael Novogratz, also the former Fortress Investment Group fund manager and Goldman Sachs Group partner, says that even though Bitcoin has faced tough times, it has held to $6,000. He added:

“Yes, it is off its highs, but it has established itself as a store of value.”

Bitcoin continues to dominate the digital currency market composed of about 2,000 coins and tokens. A rise in the price of BTC would mean a huge boost for the market overall as the total market capitalization would rise significantly.

As one of the most prominent crypto supporters on Wall Street and someone who has years of experience working with US financial institutions, Novogratz believes that banks will eventually experience the fear of missing out or FOMO. He said the institutional money is also gearing up for big crypto investments, and the interest is particularly strong with venture funds. This move could help to boost prices significantly. Retail investors, who shied away from the crypto market due to the bear phase, could also return.

Michael Novogratz Hopes for a Renaissance as Bitcoin Bottoms Out was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Global Cryptocurrency (GCC) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0014466 (-100%)

bitcoin michael novogratz renaissance management cryptocurrency bottoms

Èñòî÷íèê: blokt.com

bitcoin michael → Ðåçóëüòàòîâ: 40


Ôîòî:

Michael Saylor to Debate Canadian Billionaire and Gold Proponent Frank Giustra on Bitcoin

Michael Saylor, the CEO of MicroStrategy who became a Bitcoin believer earlier last year, and has since championed Bitcoins’ adoption by continually buying the asset for his company and educating other fintech companies to take part in accumulating some of the assets for their company’s reserve, will be going head to head with Frank Giustra, a […]

2021-4-6 12:43


Michael Novogratz Says POTUS Trump’s Economic Policies Make Him More Bullish About Bitcoin

In a recent Tweet, the recognized investor and founder of Galaxy Digital said that economic policies make him more bullish about Bitcoin (BTC) and digital currencies. There are several US leaders, including President Donald Trump and Vice President Michael Pence that suggest that the Federal Reserve (FED) should cut interest rates even further for the […]

2019-5-5 17:55


A Complete Explanation of the Michael Terpin, AT&T Lawsuit

Bitcoin thought leader Michael Terpin lost $24 million in various altcoins last year, and he is suing AT&T to recover that as well as $200 million in punitive damages. While this story has been covered by a few major outlets, none of them dug deep into the complaint in a way we thought properly covered […] The post A Complete Explanation of the Michael Terpin, AT&T Lawsuit appeared first on Coinjournal.

2018-8-25 00:36


Bitcoin [BTC] to hit $25000 in the upcoming months, says Michael Arrington

On 23rd July, Ran Neu-Ner at the Korea Blockchain Week interviewed Michael Arrington of Arrington’s XRP Capital, who also recently found the business information and data company called CrunchFund. During the discussion, he spoke about the underlying asset value of XRP, the token’s use-case, few of his favorite recently made investments for Arrington’s XRP Capital […]

2018-7-25 00:50


TechCrunch’s Michael Arrington Says Bitcoin (BTC) Price at $25,000 Soon

BTC to Reach $25,000 Soon Says TechCrunch Founder At the Korea Blockchain Week, Ran Neu-Ner had the chance to interview Michael Arrington, who runs Arrington’s XRP Capital. In this interview, one of the big topics of discussion was the potential to gain Bitcoin EFTs, which would revolutionize the cryptocurrency world. According to Arrington, this and […]

2018-7-24 22:07


Ôîòî:

PoWx Seeks to Change Bitcoin Mining with “Optical PoW”

Nonprofit organization PoWx has launched this week with the goal of boosting the idea behind proof of work (PoW) through more innovative algorithms. The company is seeking to decentralize Bitcoin mining and make it more accessible to consumers through a new technology that executives have dubbed “optical PoW” — a new type of hardware that utilizes a more advanced and energy-efficient form of laser technology as the cornerstone of mining.

2018-7-14 01:04


Ôîòî:

Not Just a Computer Program: Bitcoin and the Blockchain Meant To Be Clever Solutions for the Global Financial Crisis

Journalist, Paul Vigna, discussed the ideals behind Bitcoin and the blockchain, potential applications for the technology, and what the future may hold for cryptocurrency. A Life Changing Conference This week, Barry Ritholtz invited the well-known journalist, Paul Vigna, to be a guest on his popular show, “Masters in Business.

2018-7-13 04:00


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Mintlayer launches user-friendly staking platform with 198% APY

Bitcoin Layer-2 (L2) platform Mintlayer has announced an upgrade to its staking program, enhancing the user interface (UI) to make it more accessible and easier to use. The simplified staking program is integrated into Mintlayer’s blockexplorer and Mojito wallet browser extension, enabling users to stake their ML tokens and earn substantial rewards. Industry-leading APY attracts […]

PEPE takes a hit after GameStop inspired rally, here’s why it could dip lower

PEPE, one of the largest meme coins in the crypto ecosystem has wiped out 4.19% of its value early on Thursday. The return of legendary trader “Roaring Kitty” associated with GameStop’s 2021 rally catalyzed gains in top meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Popcat (POPCAT) and PEPE, among others.  […]

Geoffrey Morphy’s $27M lawsuit leads to Bitfarms ouster

In a dramatic turn of events, Bitfarms has terminated Morphy as CEO and president of the mining firm following the filing of a lawsuit against the company. Morphy’s filed a lawsuit against Bitfarms seeking a staggering $27 million in damages, prompting Bitfarms to terminate his role despite prior announcement of plans to have him remain […]