Crypto magnate Mike Novogratz shares his perspective on Bitcoin’s recent breakthrough past $30,000 milestone in CNBC interview, attributing rally to crypto community and hedge funds
Read U.TODAY on
Google News
Mike Novogratz, prominent cryptocurrency investor and Galaxy Digital CEO, has shared his insights on Bitcoin’s recent surge above $30,000 in an interview with CNBC.
Novogratz highlighted that the rally has been driven primarily by the crypto community rather than institutional investors, explaining that “the adoption cycle always accelerates when the price is going up.” He also noted that hedge funds have been taking part in the market surge, while large U.S.-based institutions have yet to dive in significantly.
Novogratz dismissed concerns about market manipulation, arguing that it would be extremely difficult to manipulate assets such as Bitcoin and Ethereum due to their massive market capitalization. “It’s very hard to manipulate a trillion-dollar market,” he said, acknowledging that smaller coins could be more susceptible to such tactics.
The crypto mogul also pointed out that the market has remained resilient despite regulatory challenges, such as Wells notices issued to Paxos and Coinbase. “Despite all of these regulatory attacks, the markets are going higher,” Novogratz asserted.
He attributed Bitcoin’s previous decline from $60,000 to the aggressive interest rate policy adopted by Federal Reserve Chairman Jerome Powell, which he believed made sense in the context of broader market concerns.
Looking forward, Novogratz suggested that the market is anticipating an end to Powell’s aggressive monetary policy, which could bode well for assets like gold, Bitcoin and Ethereum. “The market is pretty certain that Chairman Powell is pretty close to finished,” he said, expressing optimism for crypto prices.
