Mike Novogratz Unsure About The Future Of Bitcoin

Galaxy Digital CEO Mike Novogratz, 30th Anniversary of Bitcoin.
 Mike Novogratz Unsure About The Future Of Bitcoin
READING NOW Mike Novogratz Unsure About The Future Of Bitcoin

Galaxy Digital CEO Mike Novogratz is unsure whether Bitcoin can break the $30,000 mark.

Mike Novogratz believes that it is very unlikely for Bitcoin to rise above the $30,000 level in the short term. Novogratz thinks that the leading cryptocurrency will stay in the $20,000 to $30,000 band for a while. Galaxy Digital CEO believes this is a good opportunity for investors.

The leading cryptocurrency has been below the $30,000 level for about two months. The market crisis that started with the collapse of Terra caused Bitcoin to fall to the level of $ 17,500 in June. However, the leading cryptocurrency has managed to stay above $20,000 for the past few weeks.

Mike Novogratz Is Not Optimistic

Mike Novogratz, CEO of Galaxy Digital and also a prominent Bitcoin advocate, is not too optimistic about the asset’s short-term price. According to him, investors should be grateful if the asset’s value does not drop below the $20,000 level anytime soon.

“Will Bitcoin be able to exceed $30,000 with this rise? We’ll see, but I doubt it. I think we will continue to be in this range for a while. Frankly, I would be happy if we were in the $20,000, $22,000, or $30,000 range.”

The famous billionaire explained that the current problem in the industry is due to the problem of corporate flow.

For example, Tesla bought $1.5 billion worth of Bitcoin last year, but a few weeks ago it was announced that $936 million worth of BTC was converted into cash.

Novogratz expects an increase in Ethereum price after Merge. According to him, the switch to the Proof-of-Stake algorithm should push the asset’s value above $2,200.

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