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

News
Thu, 05/28/2020 - 08:07
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. 

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.

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)