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

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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
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.

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