Bitcoin (BTC) will only make Galaxy Digital CEO Mike Novogratz “nervous” if it drops below $40,000.
In an interview with CNBC on September 21, this notorious optimist investor eased concerns about the recent cryptocurrency sale.
Novogratz on institutions: “I see nothing but commitment and activity”
Despite the fact that the macroeconomic environment in China is volatile and bitcoin is down 10% this week, there are many negative voices among prominent commentators in the cryptocurrency industry.
Novogratz is no different and says the lower prices were a healthier corrective measure for a market that spent several months only in bullish mode.
“I think the market is way too far — the news from China is scaring people,” he said, citing concerns about US regulatory activities.
In the short term, the “Very Important Levels to Watch” are $40,000 for Bitcoin and $2,800 for Ether (ETH) for Ethereum.
“As long as it continues, I think the market is in good shape,” he continued.
But when we look beyond market action, the main demand from institutional investors has remained the same.
“I only see the interest and activity of our investor clients and our corporate clients,” Novogratz added, concluding that he was not concerned about cryptocurrency.
Dalio Joins the Debate Over Bitcoin’s ‘Value’
Meanwhile, in recent days, the voices of other organizations have become more and more dominant.
On the topic: Institutional investors are increasing their cryptocurrency for the fifth consecutive week.
In a similar letter to the media, Bridgewater Associates Ray Dalio asserted that Bitcoin has recognized value, not intrinsic value, despite the fact that he is an investor.
He warned that regulation could “kill” crypto fortunes, and also pointed to the United States.
However, Dalio has significantly softened his stance on bitcoin since he started mentioning it and tagging it publicly.
“We can get into a philosophical discussion about what the value is,” Novogratz said of the true value of bitcoin.
“Matisse’s painting could be worth $100 million because very few people would decide it was worth $100 million. Over 150 million people around the world have decided that bitcoin is worth something, and that’s enough for me.”