Despite declining prices and generally moribund attitudes in the crypto space, bitcoin hedge fund manager and billionaire Mike Novogratz recently Comment on Bitcoin It’s still a solid asset to keep.
Mike Novogratz has remained loyal to Bitcoin
The cryptocurrency space has suffered severely over the past few months. The world’s number one cryptocurrency by market capitalization, for example, reached a new all-time high of more than $68,000 per unit ten months ago in November of 2021. However, the coin is nowadays struggling to maintain a position in the range Low is $20,000. Overall, the crypto space has lost about $2 trillion in valuation in just the past few months. It is a sad and ugly sight to see.
However, Novogratz and others remain bullish despite the current conditions investors are facing. He recently came out to say that the crypto space is likely to make a serious comeback, and that investors and traders would be wise to weather the storm and hold their assets as if nothing had happened.
We’ve had a forced reduction of financial debt that happened because of a lot of unwise credit policies in many places that I think made just how bad that move was.
He discussed the many internal aspects that ultimately caused the crypto space to suffer as it did. Things like the collapse of Terra USD and subsequent concerns about the true stability of stable assets have likely caused a lot of damage to the crypto space. He also cited issues such as Celsius Network, a lending platform that halted withdrawals and then declared bankruptcy proceedings just a few months later.
However, he was quick to comment that the worst is over and sentiment towards cryptocurrency will turn more positive in the last quarter of 2022. He said:
The worst is over. There will be no more forced deleveraging that will happen, and now, the market is reaching an equilibrium, waiting for new narratives.
He also mentioned that good news abounds with the recent announcement of Coinbase’s new partnership with leading investment firm BlackRock. The partnership will help BlackRock customers gain access to crypto assets. Novogratz commented:
This is such a huge announcement…I think bitcoin remains a good macro asset for an environment where the macro is uncertain.
Not long ago, Mike Novogratz came under fire when he apparently linked bitcoin ownership to a reversal of the Roe v. Wade case that occurred at the hands of the conservative-led US Supreme Court. Many followers objected to his words, claiming that he was using a highly sensitive topic to promote his crypto-beliefs and drive property to people.
He also commented that a recession may be on its way and Bitcoin may have bottomed out.
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