The increased regulatory pressure on Bitcoin and other crypto assets is not a cause for worry for Michael Novogratz, the chief executive officer of Galaxy Investment. A well-known crypto buff Novogratz was the earliest investor of the number one crypto asset. In his latest interactions, the CEO has once again reaffirmed his confidence in BTC and its capabilities in getting past the regulatory framework.
Mike Novogratz: The Bitcoin Buff
The macroeconomic scenario is very bleak, and Novogratz feels that BTC will gain acceptance and respectability for regulators in the end. The investor was talking to CNBC and once again recalled his earlier views that BTC and Gold are alike. When Joe Kernen asked him about the times when BTC was nearly the same price as gold, the investor said that BTC is today changing hands at $19K while Gold is going for $1,600. Novogratz feels that BVTC, like Gold, is a hedge against inflation, and people were buying these assets to fight inflation. He added that gold and BTC could benefit if the current macro trend reverses.
“In the long run, gold will win, and Bitcoin will win if the central bankers and governments revert the interest rate rise.”
The investor added that hoarding BTC would pay rich dividends long-term, and BTC is a long-term investment. However, the number one cryptocurrency is in a state of high volatility, and the cryptocurrency has sunk below the psychological point of $20K almost five times in the past month. BTC was still tanking and changing hands when the last reports came in at $18,978.41, down 1.98% in the previous 24 hours, according to price tracker CoinMarket ap. The values of the significant crypto assets have tanked uncontrollably, and most cryptocurrency has lost 50% of their importance.