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.’
🔥 from @novogratz on @CNBC re @GoldmanSachs #BTC
— Matt Case (@matthewryancase) May 27, 2020
They are “missing the bigger picture” pic.twitter.com/emw1xzk787
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.
