Michael Novogratz, once at the heart of Wall Street, is now a staunch Bitcoin (BTC) investor. Galaxy Digital CEO Novogratz, Yahoo! In his current interview with Finance, he made statements that excited Bitcoin investors. According to Novogratz, institutional investors are still in their infancy, rather than ending.
The frenzy to buy bitcoin is not over
The corporate investor’s bitcoin buying trend, which started with MicroStrategy in 2020, continued with insurance companies, fund managers and family offices. In the meantime, we witnessed that many companies bought millions or even billions of dollars worth of BTC. Mike Novogratz hinted that this has not yet met the demands of institutional investors and that purchases will continue:
“The institutional investor who was not in the sector six months or a year ago and is now in the sector is still not full. It’s not even approached. We are now in the first row and round of a 9-row game with insurance companies, asset managers and companies like that. ”
BTC price may not see $ 50,000 in the short term
While Mike Novogratz made such a positive statement in the long term, he stated that the rise is not very likely in the short term. The Bitcoin bull emphasized that every time the BTC price drops, there will be “buying from the bottom”. Novogratz thinks that $ 50,000 is an unattainable goal in the near term.
According to the former director of Goldman Sachs, “strong hands” and institutional investors now focus on the sector instead of individual investors. Stating that institutions can hold BTC much longer than individuals, Novogratz stated that large institutions will not even bother to buy BTC for periods such as 2 months.
Millionaire investor believes that Bitcoin will always be a store of value, unlike other cryptocurrencies, and others will be used for payments.