Amid the scare caused in the market as well the crash in the crypto market, Mike Novogratz, founder and CEO of digital assets merchant bank, Galaxy Digital, is still very positive that Bitcoin (BTC) would still bounce back soon.
Novogratz explained, while granting interview to newsmen, why he was so optimistic about Bitcoin. He said, “I am seeing investors I never saw before, hedge fund investors, high-net-worth investors getting into Bitcoin for the first time.”
While the central bank makes active efforts to revive the economy, the CEO told newsmen that he increased his Bitcoin holdings with the expectation that the price of Bitcoin would double in six months. However, he said too that he may give up on the crypto market if it failed to appreciate within the time predicted.
“If it doesn’t go all out by the end of the year, I think I might just hang my spurs. Because if it doesn’t go up now, you know, I’m not sure when it will… We should have doubled within six months, we really should have. This is the time, maybe within the end of the year.”
He further added that Governments had forgotten that money didn’t grow on trees, a factor that he believes will boost Bitcoin in the long run.
He warned that several rounds of quantitative easing, backed by intense monetary policies to keep the economy afloat, would in the long run, debase the value of fiat.