By Nathan Ferguson
Billionaire Mike is still quite bullish on Bitcoin and believes that the currency has potential to reach higher peaks.
Bitcoin Still Strong
Billionaire and CEO of Galaxy Digital, Mike Novogratz recently shared his opinions on the state of Bitcoin and its valuation with regards to the recent market chaos. Despite Bitcoin and many other cryptos suffering from huge price valuation blows last month, the craze for cryptocurrency trade is still very much intact, still receiving support from big players in the market such as, Mike Novogratz.
Regarding a report shared by eMoney Financial, invited to speak at the Bloomberg Crypto Summit, Mike Novogratz stated that he firmly believes that Bitcoin can achieve $500k in the coming timespan of five years or more, as more features and functionalities arise, and with the steady increase in adoption rate continuing to swell with the passage of time.
Mike specifically highlighted a few of Bitcoin’s star features including the major fact that Bitcoin’s core is designed in such a way that is a counter to inflation, being a major store of value, simple to transfer, and generally being a better alternative than the likes of Gold in multiple ways. Additionally, Mike mentioned that the global financial system is carried by debt has been promoting consumer level price inflations, so Bitcoin is great as a long-term investment.
Market Crisis
Talking about the recent market turbulence, Mike stated that it was a complete “credit crisis” and accepted that he misunderstood the level of leverage that was presented in the system. Mike said that people could not really expect the level of downfall, especially regarding institution balance sheets, which lead to a series of events one after the other, overall effecting the valuation and presence of the cryptocurrency space.
Lack of Regulatory Measures
Moreover, Mike Novogratz severely criticized regulation authorities, highlighting them for not being able to anything to protect retail level investors and allowing institutions to bare that massive amount of leverage. As an example, Mike mentioned that his cardiologist lost around a million dollars due to the downfall of Celsius. But, despite all this, Mike believes that the game is still very much in progress and Bitcoin will continue to stay strong in the financial market.