Michael Novogratz is one of the few early investors in Bitcoin. In a recent interview, the CEO reiterated his confidence in BTC and its ability to pass the regulatory framework.
– Squawk Box (@SquawkCNBC) September 20, 2022
Mike Novogratz: Bitcoin’s maverick
Despite the unfavorable macroeconomic scenario, Mike Novogratz expects Bitcoin to eventually be acceptable to regulators. Speaking to CNBC on Tuesdaythe investor recalled bitcoin’s comparison to gold. Joe Kernen asked him about the time when BTC had almost the same price as gold. Bitcoin is still at the $19,000 level while gold is still at $1,600. Reacting to this, Novogratz said that people were buying these assets to fight inflation. He added that both gold and BTC could benefit if the current macro trend reverses.
“In the long run, gold will win and bitcoin will win if central bankers and governments reverse the interest rate hike.”
Mike Novogratz has always maintained that long-term bitcoin accumulation could pay rich dividends. Meanwhile, BTC is showing disappointing trends with continued price declines. In the past three months, the leading crypto-currency has fallen below $20,000 five times. At the time of writing, BTC’s price stands at $18,978.41, down 1.98 percent over the past 24 hours, according to CoinMarketCap. The market’s share of value among major cryptocurrencies has seen a huge shift over the past few months. From a recent peak of about 48% in June, bitcoin’s dominance in the crypto space is currently down to 41%.
No big push for BTC in the near future?
Recently, Novogratz said that BTC would not see a price surge in the near term due to slowing institutional fund flows. However, existing institutional investors in bitcoin will not exit due to low demand, he added at the time.