The founder of a crypto merchant bank, Galaxy Digital, said he doesn’t expect Bitcoin (BTC) price to decline much further. Ex- Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, Mike Novogratz, had an interview with Bloomberg TV. He informed his followers on Twitter about the interview, his tweet read:
Erik and I have had a two year ‘courtship’ over crypto. He asks tough questions. I try my best. https://t.co/I4KjPN11Eh
— Michael Novogratz (@novogratz) December 19, 2018
The State of the Market
Airing his view on the current situation of the crypto market, Novogratz doesn’t see the price of Bitcoin (BTC) falling any more than it has already done. The Ex- Goldman Sachs partner, Novogratz, believes the downtrend will stop. This is despite the recent slump in the market.
During the interview, Novogratz predicted the price of Bitcoin. To him, the price will stay between $3,000 and $6,000 in the foreseeable future.
Future of the Market
According to the founder of Galaxy Digital, the macro trading environment has become more attractive than the digital assets market. To him, we are getting into a cool era for macro. Crypto has been less exciting compared to macro.
Novogratz stated that he is fairly certain that Bitcoin will be a digital store of wealth. This will occur along with the decentralized worldwide computing system web 3.0. From Novogratz’s perspective, there will be more tokenized objects. They will include limited partnerships, funds, art and different kinds of things in the near future.
In December, Novogratz compared the cryptocurrency market performance to a methadone clinic. He characterized Bitcoin’s meteoric growth in late 2017 which peaked at $20,000 per coin to a drug. To him, the period was a speculative mania, and the participants are calmer now the drug is gone.
The Government Can Aid the Industry
On Twitter, Novogratz also made comments on an interesting issue. It was about America maintaining its leadership role. The country can do this by leading the way on research and development of cryptocurrency technologies.
This was a similar way it carries out the internet. The topic lights up by CTO of Coinbase and co-founder of Counsyl, Balaji Srinivasan. Moreover, Novogratz in response supports the point. Also, his tweet read:
This is an important point. If China creates a crypto RMB that could become the payment of choice in lots of the developing world. If I was President Xi, and in a Cold War with the USA, I would be racing to do just that. https://t.co/KOc3JX7QdZ
— Michael Novogratz (@novogratz) December 19, 2018
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