Bitcoin Dips Should Be Bought: Galaxy Digital CEO Mike Novogratz
Bitcoin underwent a strong rejection due to two pieces of news over the past few days. First and foremost, it was revealed that President Trump has tested positive for COVID-19. Secondly, the U.S. CFTC and other agencies charged BitMEX over anti-money laundering concerns and derivatives violations.
The leading cryptocurrency slipped from the $10,900 highs to $10,400 as of this article’s writing, a drop of nearly 5%.
Despite this weakness, Mike Novogratz, CEO of crypto investment bank Galaxy Digital, is not entirely concerned about markets. He said on Bitcoin’s prospects despite this fundamental news event:
This comes after Novogratz has been stating for months that Bitcoin is in an advantangeous position on a macro scale because the cryptocurrency has an underlying bid due to stimulus. He thinks that the Federal Reserve and the U.S. government are driving liquidity into assets like BTC and gold.
Fundamentals Still Bullish For BTC
Other fundamental trends are still bullish for Bitcoin despite this medium-term fundamental concern.
Raoul Pal, CEO of Real Vision, recently said the following on Bitcoin’s long-term prospects:
Pal has formerly said that all other trades may be “inferior” to BTC due to fundamental trends.
Photo by Daniel Mirlea on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News
Originally from Bitcoinist.com https://ift.tt/34c4CtS
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