bitcoin bull market, bitcoin volatility, Federal Reserve Chairman, Galaxy Digital, Janet Yellen, luno crypto exchange, Marcus Swanepoel, Mike Novogratz, US Treasury, volatile asset

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 “bitcoin prices shouldn’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 “evidence supporting bitcoin prices is better than it’s ever been.†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 “should smooth out some of bitcoin’s volatility.â€

Novogratz also comments on U.S. President-Elect Joe Biden’s pick for the Treasury Secretary post, former Federal Reserve Chairperson, Janet Yellen. The former Federal Reserve Chair has previously said “she is not a fan of bitcoin†and that it is a “highly speculative asset.â€

Implications of Yellen’s Return

Although Yellen’s possible return as the U.S. Treasury boss has rattled some within the crypto space Novogratz is not overly worried because “a lot has changed†since she made the comments. Instead, the CEO thinks Yellen’s “general 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:

bitcoin bull market, bitcoin volatility, Federal Reserve Chairman, Galaxy Digital, Janet Yellen, luno crypto exchange, Marcus Swanepoel, Mike Novogratz, US Treasury, volatile asset

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 Novogratz’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.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Clean Water Nonprofit Reveals Celebrity-Fueled Bitcoin Water Trust Initiative

On Friday, the well known nonprofit charitywater.org announced the launch of a celebrity-funded Bitcoin Water Trust initiative. The trust will be allowed to hold bitcoin donations to fund water projects worldwide until 2025. Charity Water Launches Bitcoin Water Trust A number of announcements were revealed at the Bitcoin 2021 conference in Miami and one announcement […]

Xem chi tiết: Clean Water Nonprofit Reveals Celebrity-Fueled Bitcoin Water Trust Initiative

MLB Steps Into the NFT World by Entering a Long-Term Partnership With Candy Digital

On June 1, Major League Baseball (MLB) reporter David Adler announced the MLB organization established a long-term deal with the digital collectible company Candy Digital. The oldest American professional baseball organization is stepping into the non-fungible token (NFT) collectibles world and will start by launching a Lou Gehrig NFT. MLB’s First NFT Will Feature ‘The […]

Xem chi tiết: MLB Steps Into the NFT World by Entering a Long-Term Partnership With Candy Digital

US Senator Urges Treasury Secretary Yellen to Take Action on Cryptocurrency Scams to Protect Investors

U.S. Senator Rick Scott has urged Treasury Secretary Janet Yellen to take action on cryptocurrency scams, which he said have risen 1,000% in the past year and cost consumers at least $80 million. “This is an unregulated industry, and the alarming amount of criminal activity surrounding cryptocurrency demands action,†he told Yellen. Senator Scott Alerts […]

Xem chi tiết: US Senator Urges Treasury Secretary Yellen to Take Action on Cryptocurrency Scams to Protect Investors

SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

The U.S. Securities and Exchange Commission (SEC) has urged Congress to pass cryptocurrency legislation to protect investors, the new SEC chairman has revealed. The securities regulator is also working with the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury Department to combat criminal activity facilitated by cryptocurrencies, the chairman noted. SEC Working With CFTC, […]

Xem chi tiết: SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

The U.S. Securities and Exchange Commission (SEC) has urged Congress to pass cryptocurrency legislation to protect investors, the new SEC chairman has revealed. The securities regulator is also working with the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury Department to combat criminal activity facilitated by cryptocurrencies, the chairman noted. SEC Working With CFTC, […]

Xem chi tiết: SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

Mike Novogratz Doubts Dogecoin’s Future — ‘No Institution Is Buying DOGE, Retail Will Lose Interest’

Galaxy Digital CEO Mike Novogratz doubts the future of dogecoin. The billionaire investor said that “It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest.†Novogratz Says Dogecoin ‘Doesn’t Have Long-Term Legs’ Michael Novogratz, CEO of Galaxy Digital Holdings Ltd., recently discussed with Goldman Sachs […]

Xem chi tiết: Mike Novogratz Doubts Dogecoin’s Future — ‘No Institution Is Buying DOGE, Retail Will Lose Interest’

Biden Administration Looking to Increase Cryptocurrency Oversight to Protect Investors, Prevent Illicit Transactions

The Biden administration is reportedly looking to increase oversight of the crypto market with the aim to protect investors and prevent illicit transactions. White House officials, lawmakers, and central bankers have had several meetings on cryptocurrency regulation amid recent price swings of crypto assets. Biden Administration Discussing Crypto Regulation The Biden administration, lawmakers, and central […]

Xem chi tiết: Biden Administration Looking to Increase Cryptocurrency Oversight to Protect Investors, Prevent Illicit Transactions

Mike Novogratz Doubts Dogecoin’s Future — ‘No Institution Is Buying DOGE, Retail Will Lose Interest’

Bitcoin Bull Mike Novogratz Insists ‘Crypto Revolution Has Happened’ Despite Falling Prices, liquidation

Bitcoin Bull Mike Novogratz Insists ‘Crypto Revolution Has Happened’ Despite Falling Prices, liquidation

Federal Reserve Bank Presidents: Cryptocurrency Sell-off Not a Systematic Concern, Does Not Affect Fed Policy

Federal Reserve Bank Presidents: Cryptocurrency Sell-off Not a Systematic Concern, Does Not Affect Fed Policy

Banking System Uses Significantly More Energy Than Bitcoin, Research Shows

‘Bullish’ Cryptocurrency Exchange to Launch With Backing of Billionaire Investors, Investment Bank Nomura

Biden Economics: US Jobs Report Lackluster, Unemployment Extensions Hammer Supply Chain, Americans Want More Stimulus

Other Articles