Institutional Investors will see Bitcoin’s Price Decline as Opportunity to Buy — says Mike Novogratz
Bitcoin price plunged below $30k on Tuesday. Galaxy Digital CEO, Mike Novogratz commented about the bitcoin market in an interview with CNBC:
“If it’s really breached, $25,000 is the next big level of support… I’m less happy than I was at $60,000, but I’m not nervous.”
Novogratz added that China has been quite forceful in their idea to ban cryptocurrency. Therefore, we can see big liquidations in the price as a lot of crypto happens in Asia and a lot of it is Chinese focused. He believed that the Chinese government’s crackdown will give Bitcoin a long-term positive impact.
Recently, David Marcus, Facebook’s head of payments also said in Twitter that China’s crackdown on Bitcoin mining is a great development for the cryptocurrency, and a lot of people have agreed with him.
Overall, Novogratz does not expect Bitcoin to have a massive crash. He elaborated:
“The ecosystem is so much more mature. The amount of players that are moving in are so much more mature. Every single bank is working on their own crypto project, how they can get bitcoin to their wealth clients.”
He concluded that those who have yet to buy Bitcoin will see such a low price level as an opportunity to get into the market.
