If Bitcoin (BTC), drops below $40,000., Mike Novogratz, Galaxy Digital CEO, won’t be “nervous”.
CNBC interview on Sept. 21: The famously bullish investor calmed concerns about the recent sell-off in cryptocurrency.
Novogratz: Institutions: “I see only engagement and activity.”
Although the macro environment is uncertain with China and Bitcoin losing up to 10% this week there are not many bearish voices from well-known crypto industry commentators.
Novogratz agrees, saying that the price decline was a corrective measure for a market that has been in up-only mode for several months.
He said that the market had been too slow — China news has scared people.” He also expressed concern about the regulatory activities in the United States.
In the short-term, Bitcoin is worth $40,000 and Ethereum’s currency, Ether (ETH) at $2,800.
He continued, “As long these hold, I believe the market’s still in good shape.”
However, institutional investors have remained the main demand, even if we look beyond market action.
Novogratz stated that he sees nothing but activity and engagement from both our corporate clients and our investors, and concluded that crypto is not a concern.
Dalio joins the Bitcoin “value” debate
In recent days, other institutional voices have been less assertive.
Related: Institutional Investors Increase Their Crypto Holdings For The 5th Straight Week
Ray Dalio, of Bridgewater Associates, made a similar media appearance and stressed that Bitcoin’s intrinsic value is more subjective than it is tangible. He was an investor, however.
He warned that regulation could still “kill the cryptocurrency’s fortunes”, pointing out the United States.
Dalio has however softened his stance towards Bitcoin since the first time he mentioned it publicly and made an allocation.
Novogratz stated that Bitcoin’s true value can be debated philosophically.
A Matisse painting could be worth $100 million if a few people decide that they are worth $100 million. There are over 150 million people who believe Bitcoin is worth something. That’s enough for me.
Eileen Wilson –Technology and Energy
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