Billionaire investor Mike Novogartz stated that he expects a rise in cryptocurrencies, while connecting the sharp fall of Bitcoin to the sudden excitement of people.
With El Salvador’s official acceptance of Bitcoin, the cryptocurrency market continues to fluctuate. A new statement about Bitcoin, which fell 17% the other day and saw its lowest level in the last month, came from billionaire investor Mike Novogartz.
Galaxy Digital Holdings CEO, Novogratz, announced that he expects the crypto money market to rise, and that institutional investors, along with individual investors, will jump on the Bitcoin train.
Novogartz, who attributed the sharp fall on Tuesday to the excitement of investors, stated that the cryptocurrency market has been advancing strongly for the last eight weeks, and there are good reasons behind it:
“No investor wants to miss out on the next internet. I think we got a little too excited and this drop is a bit like air escaping a bubble”
Novogartz stated that Visa Inc.’s purchase of NFT for $150,000, Amazon’s entry into the blockchain and digital currency business, and finally Walmart’s search for a crypto expert clearly showed the interest of large institutions in Bitcoin.
Commenting on the technical problems experienced after El Salvador officially accepted Bitcoin, Novogartz stated that El Salvador will solve these problems over time; “The real question is going to be back in six or 12 weeks, and let’s talk about how this practice will work for the people of El Salvador and the system itself. It’s not easy to do things in moderation. I believe they will do this right.”