Galaxy Digital’s Mike Novogratz is immovable on his stance on Bitcoin (BTC). Of course, this is despite all the corrections the top Cryptocurrency is experiencing for some weeks now.
Furthermore, while in a recent interview on CNBC, Mike Novogratz notes that Bitcoin is not trading just like Ethereum (ETH) right now, and explains why.
“If you look at the Ethereum price, Ethereum still trades bullish…”
“People see Ethereum as a technology bet and Bitcoin as a debasement of fiat currency bet.”
So, Mike Novogratz emphasizes.
However, with all these price crash down and slow Bullish movement of the top Cryptocurrency, Mike Novogratz is still bullish on the asset. More so, He goes on to name the factors that can keep bitcoin from falling below the $40,000 level.
So, Mike Novogratz explains elaborately.
“There are new players lining up to participate in this crypto economy,…”
“from the Mid East to all over the US to pension funds and so there’s a bid below the market…”
“It’s an institutional bid. They’ve done their work. They’re waiting to participate.”
Additionally, Mike Novogratz continues.
“I think people now have woken up that crypto is an asset class…”
“That Bitcoin is part of a crypto portfolio. That even if the Fed starts acting more hawkish,…”
“it’s an amazingly complicated plane to land for Powell and Yellen.”
More so, Mike Novogratz adds.
“We’ve got a political environment that wants to spend more money…”
“We have a monster budget deficit and if you raise rates too fast,…”
“you’re going to sink the economy, and no politician wants to do that and…”
“so we lost [an] apolitical Fed chairman.”
Lastly, Mike Novogratz concludes.
“All Fed chairmen are now political just based on the deficit…”
“This idea of independent central banking is now farce, and so Powell can act tough for a…”
“while because he just got reappointed, but if he starts doing things that put…”
“Biden’s reelection at risk, you’re going to hear something.”
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