Mike Novogratz Think Bitcoin Price Could Stabilize

Mike Novogratz, former Goldman Sachs partner and founder of the cryptocurrency merchant Bank, Galaxy Digital, said bitcoin price will not fall further.

Mr. Novogratz revealed this during a video interview with Bloomberg’s Vildana Hajric yesterday December 18.

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Bitcoin Price To Stabilize

During a televised interview with Bloomberg, Novogratz said that there will be a much less further decline in the price of Bitcoin. He stated that the recent slump in the bitcoin would not persist forever predicting bitcoin price to stay between $3,000 and $6,000 in a near future. He further mentioned that the macro trading ecosystem is more interesting than the digital assets market.

Mr. Novogratz mentioned that the world is entering the era of Macro. He stated that cryptocurrency is now less exciting. He continued saying that macro was boring for a long time but hoped it’s catching up now. Furthermore, Mr. Novogratz stated that Bitcoin will be a digital store of wealth despite its current situations.

He stated that he believed the decentralized worldwide computing system web 3.0 us the future of the internet. He emphasized that a lot of tokenized objects like partnerships, funds, and others are in the near future.

Mark Dow bitcoin

Earlier Statements on Bitcoin

In December 2017 Bitcoin hit its highest peak trading beyond $20,000. A trader known as Mark Dow decided to short Bitcoin. He told Bloomberg that;

“I’m done. I don’t want to try to ride this thing to zero,” Dow said in a phone interview Tuesday. “I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time.”

Dow previously worked for the International Monetary Fund IMF as an economist and now manages a family office in southern California. Dow betted that bitcoin would decline and said he took profits twice this year alone. The current price of Bitcoin is 85% lower than bitcoin’s peak during the last quarter of 2017.

According to Dow, his decision to short on bitcoin was conceive following a sequence of declines and rise in Bitcoin price. Dow, however, noticed that the particular rise of 2017 appeared more like a bubble.

“They just saw it was going up and wanted a piece of it. People’s imaginations can run further when they’re not tethered to facts when they don’t understand the issue,” he said. “It allowed the bubble to be much larger and much more violent. I saw the psychological hallmarks of it and there came a point where it looked like the fever was breaking.”

The current regulatory trends prevent the potential application of bitcoin to the fullest. This, in turn, causes the cryptocurrency an easy victim of speculation.

Do you think bitcoin price is going to stabilize as Mike Novogratz assumed? Share your comments on this topic in the comment section below and do not forget to follow the conversation on Twitter.

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Jacob Okonya

Jacob has been engaged in blockchain technologies, Bitcoin, and fintech. He worked mostly as a blockchain market researcher, fintech journalist, and online forum moderator. Jacob is involved in creating articles and educational content for different project components, explaining how users can utilize the various resources.

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