Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He argues that those committing 2% to 3% of their net worth to this digital asset today will see substantial gains in five years. Novogratz adds that while bitcoin remains a volatile asset he does not expect its price to drop to levels seen in March when it crashed to under $4,000. Instead, he asserts that â€œbitcoin prices shouldnâ€™t fall below $12,000 in this current cycle.â€
Evidence of a Supporting Bitcoin Price
According to a report, the bitcoin bull says unlike 2017, current â€œevidence supporting bitcoin prices is better than itâ€™s ever been.â€ Novogratz repeats the now widely accepted view that institutional investors are driving the current bull market. Novogratz explains:
The participation by these players along with increased regulation â€œshould smooth out some of bitcoinâ€™s volatility.â€
Novogratz also comments on U.S. President-Elect Joe Bidenâ€™s pick for the Treasury Secretary post, former Federal Reserve Chairperson, Janet Yellen. The former Federal Reserve Chair has previously said â€œshe is not a fan of bitcoinâ€ and that it is a â€œhighly speculative asset.â€
Implications of Yellenâ€™s Return
Although Yellenâ€™s possible return as the U.S. Treasury boss has rattled some within the crypto space Novogratz is not overly worried because â€œa lot has changedâ€ since she made the comments. Instead, the CEO thinks Yellenâ€™s â€œgeneral dovishness should be good for hard assets like gold and bitcoin.â€
Novogratz concludes by sharing his thoughts on altcoins saying:
Meanwhile, not everyone agrees with the narrative that the entry of institutional investors into the crypto market is the only significant factor behind the bitcoin bull-run. Marcus Swanepoel, the CEO Luno exchange says retail volumes have increased in the past few months.
In a Twitter post, Swanepoel writes:
Meanwhile, at the time of writing, bitcoin had dropped from over $19,350 reported on many exchanges to just above the $17,000 handle.
What are your thoughts on Novogratzâ€™s belief that BTC will not go below $12,000 in this cycle? Share your views in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.