Bitcoin (BTC) gained’t be making Galaxy Digital CEO Mike Novogratz “nervous” until it dips beneath $40,000.
In an interview with CNBC on Sept. 21, the infamously bullish investor calmed fears in regards to the newest sell-off throughout cryptocurrency.
Novogratz on establishments: “I see nothing however engagement and exercise”
Novogratz is no different, arguing that the price drop was more so a healthy corrective move for a market that had spent several months in “up-only” mode.
“I think the market got itself a little too long — the China news scared people,” he said, also noting concerns over United States regulatory activity.
For the short term, “very important levels to watch” are $40,000 for Bitcoin and $2,800 for Ethereumu2019s coin, Ether (ETH).
“So long as these maintain, I feel the market’s in good condition,” he continued.
Trying past market motion, nevertheless, the underlying demand from institutional buyers has remained untouched.
“I see nothing however engagement and exercise from our investing shoppers and our company shoppers,” Novogratz added, concluding that he’s not nervous about crypto.
Dalio joins Bitcoin “worth” debate
Different institutional voices have in the meantime been extra tame in latest days.
In an identical media look, Ray Dalio of Bridgewater Associates stressed that Bitcoin has a “perceived” somewhat than intrinsic worth, regardless of being an investor himself.
Regulation, he warned, may nonetheless “kill” the cryptocurrency’s fortunes, likewise pointing to the US.
“We can get into philosophical debates about what value is,” Novogratz said about Bitcoin’s true worth.
“A Matisse painting can run $100 million because a small amount of people decide they’re worth $100 million. Over 150 million people around the world that have decided Bitcoin is worth something. That’s enough for me.”