Mike Novogratz, the founder of crypto merchant bank Galaxy Digital, stated in an interview with Bloomberg TV that he does not expect the Bitcoin price to sink further.
The ex-Goldman Sachs partner opined that the recent fluctuations faced by Bitcoin does not necessarily reflect into a great slump in price. Bitcoin fell by almost 75% in value after witnessing the 2017 milestone price of $19.783. In 2018, the cryptocurrency suffered massive lows and slumps throughout the year; at the time of reporting Bitcoin is trading at $3,777.
Mike, however believes that Bitcoin will continue to hover in the $3000 to $6000 range and not fall any further. He stated:
“We are entering a cool era for macro. Crypto is less exciting now versus macro. Macro got quite boring for many years, and crypto was really exciting.”
The negative reactions and losses borne by customers, while discouraging, does not mean that the concept of Bitcoin is flawed or tainted in any manner. While the euphoric high witnesses by the market, driven by the ‘mania’ influx of investors and burgeoning demand to a limited supply led to the incredible price jump in Bitcoin, the investors are now perceived to be in a more ‘sober’ mood and investing in Bitcoin for a longer term and investment potential.
He continued:
“This is a mania built on something real. I am certain we will have a digital store of wealth. I think it will be Bitcoin.”
The Way Forward For Bitcoin:
In a year-long bear market, not just for Bitcoin, but for all altcoins and crypto assets, the future should not be determined by the lull experienced. Industry experts believe that the crypto market could be the financial revolution of the future, with more traditional banks and financial institutions adopting and implementing cryptocurrency securities and exchanges.
Despite the Bitcoin bubble bursting, the actual cryptocurrency is still of substantial value. Bitcoin also remains to be one of the most widely searched for and known cryptocurrencies present today. Even as the value of bitcoin fell sharply in 2018, on a positive note, the difficulty in mining for Bitcoin reduced by an estimated 15%.