Michael Novogratz, the chief executive officer of Galaxy Investment, is not too worried about the regulatory pressure around Bitcoin (BTC). The crypto investor has been a strong advocate of Bitcoin from a long time now. In fact, he is one of the few early investors in the top crypto asset. In a latest, the CEO reiterated his confidence on BTC and its capabilities in getting past the regulatory framework.
Mike Novogratz: The Bitcoin Maverick
Despite the adverse macroeconomic scenario, Novogratz expects BTC to eventually find itself acceptable for regulators. Speaking to CNBC on Tuesday, the investor recalled the comparison of Bitcoin with gold. Joe Kernen asked him about the times when BTC was nearly the same price as gold. Bitcoin is still at $19,000 level while gold is still at $1,600. Reacting to this, Novogratz said people were buying these assets to fight inflation. He added that both gold and BTC could benefit if the current macro trend reverses.
“In the long run, gold will win and Bitcoin will win if the central bankers and governments revert back the interest rate rise.”
Mike Novogratz always maintained that long term Bitcoin accumulation could pay rich dividends. Meanwhile, BTC is showing disappointing trends with continuous price dips. In the last three months, the top cryptocurrency dipped below $20,000 for as many as five times. As of writing, BTC price stands at $18,978.41, down 1.98% in the last 24 hours, according to price tracker CoinMarketCap. The share of market value among major cryptocurrencies has seen a huge shift in past few months. From a recent high of around 48% in June, Bitcoin’s dominance in the crypto space is currently down to 41%.
No Big Push For BTC Anytime Soon?
Recently, Novogratz said BTC would not have a price rally in the short term, thanks to slowing down on institutional fund flow. However, existing institutional investors in Bitcoin will not back off due to the low demand, he added at the time.