A former macro hedge fund manager and founder of cryptocurrency asset management firm Galaxy Digital Capital Management, Michael Novogratz said on Thursday that the bottom in cryptocurrency prices has been reached and Bitcoin is to recover quickly.
As per the valid source, Bitcoin was last valued at $6,419.03 which is less than the third time surmounting about $20,000 in December 2017. Amid cryptocurrencies, bitcoin is the most valuable cryptocurrencies, are nodes of computer code that are not governed by any central bank.
Further Bitcoin realized a “classic speculative global mania” in 2016-2017 but is now on the upswing because the market has hit “seller fatigue,” Novogratz said at Yahoo Finance’s second annual “All Markets Summit.”
Novogratz said in his statement that Galaxy Digital’s cryptocurrency index showed a “classic bottom” in the market, with a selloff of more than 85 percent from its peak. Galaxy Digital in May launched an index in cooperation with Bloomberg to track the performance of 10 virtual coins.
A former hedge fund manager at Fortress Investment Group and Goldman Sachs Group partner, Novogratz has been one of the best advocates of cryptocurrencies on Wall Street. Besides this, he said in his statement that “Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value.”
Further speaking to the matter, he said since lots of institutional funds being spent on cryptocurrencies especially venture capital funds and so the move will boost prices for sure.
Amid this, financial institutions and banks will realize ‘FOMO’ having said that a fear of missing out across the crypto trend as reported by Novogratz. He further said that “I think institutions are moving towards investing. It’s shocking how much has happened.”
When talking about the sudden rise of cannabis stocks, like Tilray Inc, Novogratz said in his statement that “the prices right now feel like where bitcoin was last year.”