Mike Novogratz of Galaxy Digital Does Not Expect the Price of Bitcoin to Sink Further

According to reports Mike Novogratz, the founder of crypto exchange Galaxy Digital and an ex-Goldman Sachs partner, said that he doesn’t expect the price of the top digital asset Bitcoin (BTC) to decline much further than it already has. Novogratz made these remarks in an interview with Bloomberg published on Dec.18. Bitcoin (BTC) Price Today – BTC / USD
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Speaking on Bloomberg Television, the Galaxy Digital founder opined that there wouldn’t further decline or drop in the price of Bitcoin (BTC), despite the recent market slump. The former Goldman Sachs partner stayed true to his remarks by going on to project that the price of the top digital asset by market cap will stay some were between $3,000 and $6,000 now and in the foreseeable future.

Macro Trading Space Now More Interesting Than Crypto Sector

Despite his positive position on the Bitcoin price, Novogratz went on to say that the macro trading ecosystem has gradually started to become more interesting than the cryptocurrency market. This has been a gradual process he said. According toNovogratz: “We are now entering a good era for the macro trading sector. Cryptocurrency is now less exciting than it was a year ago. It is now less exciting than macro. Macrotrading was quiet for some time as crypto began to get exciting. Now macrotrading is beginning to pick up.”

Novogratz: Bitcoin May Become a Digital Store of Wealth

The crypto investor also went on to say that he is “certain” that Bitcoin (BTC) may inevitably become a digital store of wealth in the foreseeable future. Bitcoin (BTC), along with the decentralized global computing system web 3.0. According to Novogratz, there will be “many tokenized objects,” coming into play including limited partnerships, funds, art and more in the near future.

Crypto Market Has Been Crippled With Negativity and Fear

Previous reports from earlier in December quoted Novogratz comparing the performance of the crypto asset market to a “methadone clinic.” The Galaxy Digital founder also characterized Bitcoin’s meteoric growth that occurred in late 2017 (were the token peaked at nearly $20,000 per coin) a drug. He also called that period in the history of BTC a “speculative mania,”going on to add that the “audience is now soberer(meaning the effects of the drug have passed.” At the time the report was gathered, the hedge fund manager additionally said that the digital asset market was characterized by “negativity” and “fear,” with many people expecting the leading virtual currency to go down “to zero.” Back in November,Novogratz declared that he expects digital currencies to “flip next year” since“that is when prices begin to move again.” Finally, Novogratz predicted that financial institutions are going to transition from “making investments in digital currency funds and shift their efforts to investing in virtual currencies proper beginning from the first quarter of 2019.” Whether or not the top digital asset by market cap Bitcoin (BTC) will actually remain between $3,000 and $6,000 as Novogratz predicted now and in the foreseeable future remains to be seen. In the end, investors have started to feel better due to the minor positivity that has started to creep back into the market.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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