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Billionaire Mike Novogratz thinks the sharp drop in Bitcoin prices this week is no surprise.
The value of the top coin plunged 17% to $ 43,050 on Tuesday, its lowest price in nearly a month.
In a new interview with Bloomberg TV, the CEO of digital asset firm Galaxy Digital said BTC has become overbought as a series of fundamentals and positive news sparked a hype among investors.
[0:32] “The market has grown too long. It got long for good reasons. I think over the past eight weeks there has been a giant realization that crypto is not just buying Bitcoin as a hedge against bad monetary and fiscal policy, but perhaps more importantly. , it’s Web 3.0. This is the internet of value transfer …
[0:52] When you see companies like Visa buying an NFT and saying they think digital products are a big part of their future; Walmart and Amazon, the two largest retailers in the world offering the help science engineers and crypto experts are looking for, one realizes that this is a tech game and no investor wants to miss the next one. Internet. It’s the next Internet.
Novogratz says that while it is difficult to predict the short-term movement of the crypto market, it is easy to see its long-term trajectory.
[3:44] “Just look at a 15 or 12 year chart of the price of Bitcoin and think about the adoption that’s happening around the world. You know that is now an asset. It is a store of value …
[4:03] Stan Druckenmiller said it was an asset. He is literally the best investor we have seen in 30 years. Its an asset. There are enough institutions that have said they believe in it as a store of value. “
Featured Image: Shutterstock / Pavel Chagochkin / Vladimir Sazonov
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.
Featured Image: Shutterstock / Pavel Chagochkin / Vladimir Sazonov
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