Some of the investors and experts who share their perspective over incredible rally in Bitcoin’s valuation say they still do not understand the actually situation and others name it a scam or bubble.
According to Michael Novogratz, a billionaire investor, protesting against Bitcoin is an attitude that might just be due to the fact most people who protest Bitcoin do not entirely understand the digital movement.
Mike Novogratz raised the point in a Bloomberg TV interview,
“There’s some truth to that in that it’s difficult for someone who didn’t grow up in a digital world to understand that we’re moving into a digital world”.
He said Bitcoin price, which reached $8,374 yesterday, will continue to rise as institutional investors get in. Also, Galaxy Digital Assets Fund signals more acceptance of Bitcoin according to him. Therefore, many other people in the cryptocurrency world buy that notion already.
Bitcoin rose in 2008 as a solution to people’s mistrust in centralized financial institutions run by governments. He said, citing examples of Venezuela and Zimbabwe thought the hosts didn’t seem to buy it.
Bloomberg’s interview mentions that Novogratz expects the BTC/USD exchange rate to reach $10000 by end of the year.
Who is Novo?
Michael Novogratz is the former head of Fortress Investment Group and well known for his roles at Goldman sachs. He has been in limelight with his decision to invest $500 million in Ethereum and Bitcoin. Further, he get involving in Galaxy Digital Asset Fund.