Billionaire Mike Novogratz believes Bitcoin’s big price drop this week is no surprise.
The value of the top coin plunged by 17% to $43,050 on Tuesday, its lowest price in nearly a month.
In a new interview with Bloomberg TV, the CEO of digital asset firm Galaxy Digital says BTC became overbought as a series of fundamental factors and positive news stories triggered hype among investors.
[0:32] “The market got too long. It got long for good reasons. I think in the last eight weeks, there has been a giant realization that crypto’s not just Bitcoin being bought as a hedge against bad monetary and fiscal policy, but maybe more importantly, it’s web 3.0. It’s the internet of value transfer…
[0:52] When you see companies like Visa buying an NFT and saying they think digital goods is a big part of their future; Walmart and Amazon, the two biggest retailers in the world putting up help wanted for science crypto engineers and crypto experts, there’s a realization that this is a technology play and no investor wants to miss the next internet. This is the next internet.”
Novogratz says that while it is difficult to predict the short-term movement of the crypto market, it is easy to see its long-term trajectory.
[3:44] “Just look at a 15-year or 12-year long chart of the Bitcoin price and think about the adoption that is happening all over the world. You know it is now an asset. It’s a store of value…
There are enough institutions that have said they believe in this as a store of value.”
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