Wednesday, December 6, 2023

Mike Novogratz predicts a $40K bottom for bitcoin, citing ‘tremendous’ demand from institutional investors.

Mike Novogratz is popular because of his role as CEO of Galaxy Digital. In a recent interview with CNBC, he reveals his overview of cryptocurrency. The interviewer asked many questions regarding cryptocurrency and Mike put forward his viewpoint in front of them. When asked about the falling price of digital currency, he sharply replied that several big institutions will be on the sideline for the demand for cryptocurrency. Further, he mentioned that people could witness a high level of fluctuations in cryptocurrency prices.

The interviewer asked a variety of questions from Novogratz, including whether $38k will be the base price for cryptocurrency or not. As per Novogratz, the declining prices of cryptocurrency attract big firms as they consider it an opportunity to invest. According to him, the crypto market is a good place and is in good shape even if the prices of cryptocurrency are constantly declining. He mentions that banks are working on a project related to cryptocurrency.

Will the dropping of cryptocurrency prices be good or bad?

The crypto market is highly volatile and the prices keep on changing, but sometimes it has a good impact on the investors. Mike, in the interview, talked about how the lowering of crypto prices will lead to the attraction of big institutions. In the past few weeks, the price of Bitcoin dropped more than 12%. Regarding this, Novogratz said that big investors are waiting for the moment to enter the buy zone. In his tweet on 7th January 2022, he made it clear that they are planning to enter the buy zone after figuring out the best time and prices.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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