Galaxy Digital CEO Mike Novogratz: 'Bitcoin (BTC) Is Still Hard to Buy'

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Thu, 05/28/2020 - 08:07
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Alex Dovbnya
Bitcoin bull Mike Novogratz believes that the BTC price would be much higher if the cryptocurrency was easier to buy
Galaxy Digital CEO Mike Novogratz: 'Bitcoin (BTC) Is Still Hard to Buy'
Cover image via www.galaxydigital.io
Contents

During an appearance on CNBC’s ‘Closing Bell,’ Galaxy Digital CEO Mike Novogratz said that it is still hard to buy Bitcoin.

If purchasing the world’s leading cryptocurrency was easier, Novogratz believes that its price would be sitting ‘much higher.’  

No more need for validation

When answering the inevitable question about Goldman Sach’s Bitcoin snub, Novogratz said that the traditional banking world was missing the bigger picture. 
         
As reported by U.Today, one of the biggest investment banks in the U.S. shattered the optimism surrounding its crypto-related conference call by recommending clients against buying it. 

Goldman likened Bitcoin to the ‘Tulip bubble’ while outlying the key reasons why it cannot be considered an asset class and enumerating its illegal use cases.   

With the likes of Paul Tudor Jones, Abigail Johnson, and Jack Dorsey betting on Bitcoin, Novogratz believes that crypto no longer needs validation from traditional finance to be considered a store of value:

Does Alan Greenspan have to say ‘I own it’? At what point do people say ‘OK, it is a store of value.’   

The most bullish thing for Bitcoin

With cryptocurrency asset management firm Grayscale outpacing Bitcoin miners with its purchases, institutional money is finally flooding into the cryptocurrency space.

On the retail side, however, there hasn’t been a rather anemic interest in crypto since the 2017 bubble burst. The 14 percent growth of small addresses with at least 0.1 BTC over the past year might indicate that individuals investors are slowly coming back to the market.

Back in October, Novogratz said that mutual fund giant Fidelity allowing its 26 mln users to buy Bitcoin directly on its platform would be ‘the most bullish thing’ for Bitcoin.

Conversely, if regulators start curbing existing fiat on-ramps for retail investors, this would deliver a huge blow to crypto, according to Fundstrat’s Tom Lee. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
Cover image via stock.adobe.com
Contents

While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)