Institutional Investors Will See Bitcoin Price Fall As A Buying Opportunity – Markets And Prices Bitcoin News

Michael Novogratz, CEO of Galaxy Digital, says he’s not nervous that the price of bitcoin will go down even if it falls below $ 30,000. “The ecosystem is so much more mature. The number of players moving in is much more mature. Every single bank is working on its own crypto project, ”he said.

Novogratz is still optimistic about Bitcoin

Mike Novogratz commented on the Bitcoin market in an interview with CNBC on Tuesday when the price of the cryptocurrency fell below $ 30,000. Regarding the falling BTC price, Novogratz said:

If it really breaks, then $ 25,000 will be the next big level of support … I’m less happy than $ 60,000, but I’m not nervous.

The Galaxy Digital CEO said, “We really had China much more forcefully with its idea of ​​banning cryptocurrencies. This has led to deleveraging in retail. Many cryptocurrencies take place in Asia, many of which are targeted towards China. So we’re seeing big liquidations, so it’s hard to call a low point. “

Novogratz believes the Chinese government’s actions are positive for Bitcoin in the long term. “Maybe not in the short term, but it’s a good thing. That’s what caused this excessive volatility that we’ve seen, ”he explained.

Recently, David Marcus, director of payments and Facebook’s Diem crypto project, also said that China’s crackdown on Bitcoin mining is “a great move” for Bitcoin. Many agreed with him on Twitter.

Overall, Novogratz does not expect a massive crash of Bitcoin and states:

The ecosystem is so much more mature. The number of players moving in is much more mature. Every single bank is working on their own crypto project on how to get Bitcoin to their wealthy customers.

“I think a lot of customers who didn’t buy it the first time will see this [the low price level] as an opportunity to buy it and get involved, ”he concluded.

What do you think of Mike Novogratz’s comments on Bitcoin? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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