Bitcoin Will Go Significantly Higher According to Novogratz, Here’s Why
Mike Novogratz – CEO of Galaxy Digital – believed that China’s less hostile attitude towards the crypto industry could be a reason behind bitcoin’s possible price increase in the coming months.
The Hong Kong subsidiaries of some leading Chinese banks have recently offered their services to local cryptocurrency businesses.
Novogratz’s bullish forecast
The American Investor mean certain factors may trigger a further price rise for the cryptocurrency market. First, he claimed that “all the sales that needed to be made were made.”
Remember that the countless adverse events in the sector last year, including the Terra crash, The 3AC bankruptcyand The FTX meltdownhampered investor interest and caused many to part with their holdings.
Another bullish indicator could be the positive wind from China. Beijing has recently given the green light to the crypto development happening in Hong Kong, while Bank of China, Bank of Communications and Shanghai Pudong Development Bank have already started Offering its services to domestic digital assets.
Novogratz believes the crypto market could rise “significantly” in the following months if the trend remains the same. He also predicted that bitcoin could lose $30,000 by the end of this month.
While highlighting the efforts of the Chinese banks, the businessman lamented that the US regulators have recently tightened the noose on the crypto universe:
“It’s not good for America’s chance to lead this industry. It’s pushing people offshore, and that’s why we’re fighting back,”
Earlier this week, the US CFTC filed a lawsuit against Binance for allegedly violating trading regulations. Before that, SEC probed Kraken over a possible sale of unregistered securities.
Refuting Steve Hanke
The prominent economist and a well-known critic of the crypto industry – Steve Hanke – had a second chance recently, describing bitcoin as “a highly speculative asset, not a currency.” He added that it lacks stability and can be used in fraud while buying it is “a fool’s game.”
Novogratz disagreed with the comments, urging Hanke to look at BTC’s performance over the past two to three years, when “it has been safer” than the shares of the banking giant – JPMorgan Chase & Co – and the technology Google.
