Bitcoin in ‘good shape’ as long as BTC price stays above $40K — Mike Novogratz


Bitcoin in ‘good shape’ as long as BTC price stays above $40K — Mike Novogratz

Bitcoin (BTC) gained’t be making Galaxy Digital CEO Mike Novogratz “nervous” except it dips under $40,000.

In an interview with CNBC on Sept. 21, the infamously bullish investor calmed fears concerning the newest sell-off throughout cryptocurrency.

Novogratz on establishments: “I see nothing however engagement and exercise”

Regardless of the macro environment wobbling over China and Bitcoin shedding up to 10% this week, there are few bearish voices among well-known crypto industry commentators.

Novogratz is no different, arguing that the price drop was more so a healthy corrective move for a market that had spent several months in “up-only” mode.

“I think the market got itself a little too long — the China news scared people,” he said, also noting concerns over United States regulatory activity.

For the short term, “very important levels to watch” are $40,000 for Bitcoin and $2,800 for Ethereumu2019s coin, Ether (ETH).

“So long as these maintain, I feel the market’s in fine condition,” he continued.

Trying past market motion, nevertheless, the underlying demand from institutional buyers has remained untouched.

“I see nothing however engagement and exercise from our investing purchasers and our company purchasers,” Novogratz added, concluding that he’s not nervous about crypto.

Dalio joins Bitcoin “worth” debate

Different institutional voices have in the meantime been extra tame in latest days.

Associated: Institutional investors increase their crypto holdings for 5th straight week

In the same media look, Ray Dalio of Bridgewater Associates stressed that Bitcoin has a “perceived” fairly than intrinsic worth, regardless of being an investor himself.

Regulation, he warned, might nonetheless “kill” the cryptocurrency’s fortunes, likewise pointing to the USA.

Dalio has nonetheless softened his stance on Bitcoin considerably since he first began mentioning it in public and making an allocation.

“We can get into philosophical debates about what value is,” Novogratz said about Bitcoin’s true worth.

“A Matisse painting can run $100 million because a small amount of people decide they’re worth $100 million. Over 150 million people around the world that have decided Bitcoin is worth something. That’s enough for me.”