Bitcoin Has Already Hit Rock Bottom, Claims Mike Novogratz

Bitcoin Has Already Hit Rock Bottom, Claims Mike Novogratz

Mike Novogratz, the outspoken crypto evangelist and former partner at Goldman Sachs, does not expect bitcoin (BTC) to plunge much further. Nowadays acting as CEO of the Galaxy Digital crypto merchant bank, Novogratz maintains an optimistic outlook, despite the recent struggles of the digital asset industry.

Bitcoin to stay above $3,000

Speaking to Bloomberg, the crypto entrepreneur said the Bitcoin chart was “one of the ugliest charts in history” but reaffirmed that he remains a believer. Many have tipped the virtual currencies to make a comeback amidst the current trade war between the United States and China. However, macro trading has become even more interesting for investors than the nascent crypto industry, according to Novogratz, who is a macro trader himself.

He believes that, “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.“ Novogratz also brushed off the common comparison between the crypto bubble and the infamous tulip mania of the 17th century. According to him, the last year’s crypto surge was “a mania built on something that’s real.”

Dealing with numerous crypto businesses on a daily basis, Novogratz remains optimistic. Despite the tumbling markets, crypto startups continue to make progress on the technological, entrepreneurial and institutional sides. Thus, Novogratz expects bitcoin to enter into a period of relative stability and stay in the $3,000 – $6,000 range in the foreseeable future.

Digital assets will remain relative

Despite the catastrophic year for virtual currencies, Novogratz expects their adoption to spread into various areas of our daily lives. “I’m fairly certain we will have a digital store of wealth, I think it will be bitcoin. I’m fairly certain we will have WEB 3.0 […] and I’m fairly certain we’re gonna have lots of tokenized objects, from LP interest funds to art to all kinds of things.”

Last month, the Galaxy Digital CEO said he expects crypto markets to “flip next year”, predicting that BTC “could end the year at $8,800 to 9,000“. Galaxy has had a rough year, posting losses of $134 million in Q1. The company has also lost its president and co-head of trading.

BTC stage a minor comeback after briefly falling below the $3,200 mark for the first time since August 2017. The flagship cryptocurrency has since surged by more than 15 percent and is currently trading at around $3,850.

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