Mike Novogratz, the famed billionaire who also happens to be the CEO of Galaxy Digital, is emphasizing that China is losing its influence over Bitcoin as well as on entire cryptocurrencies and China itself is to be blamed for. He discusses Bitcoin market and suggests that the market conditions are swift and not under any potential threat because huge capital continues to flowing into the market.
Famed billionaire and the CEO of Galaxy Digital, Mike Novogratz was confronted with the situation crypto crackdown situation in China. He was asked recently to give his comments on the ongoing onslaught of cryptocurrencies, including Bitcoin in China.
He commented that China is gradually losing its decade-old influence over Bitcoin. Even there is hardly any Chinese influence left on any other virtual currency apart from Bitcoin. If China had developed digital Yuan then it should have created an atmosphere which would have pushed digital Yuan’s adoption. However, the country opted for oppression and exercised that oppression through cracking down crypto mining and trading. But, within that process, China did not realize that it was slowly losing its grip over global cryptocurrencies. Now there is vacuum created by China and somebody will have to take the spot. It could be the United States of America, commented Novogratz.
He then moved on to discuss the present state of crypto markets globally, especially Bitcoin. Novogratz pointed out that the recent downfall of Bitcoin was attributable to three major reasons. The first reason he suggested was the Chinese onslaught and the second he explained to be “crypto regulation”. As regards the third reason, he suggested to be the competition between the two lead crypto coins i.e. Ethereum and Bitcoin.
He then suggested that the present market condition for Bitcoin is rather swift and under no direct or indirect potential threat. He explained that China’s influence is almost coming to an end while somebody else will fill that vaccum. Similarly, crypto regulations will be coming at any time but most importantly they will not jeopardize innovation eventually. In addition, the competition between the two lead coins is a healthy competition that will continue to move forward subsequently. However, it will ultimately benefit the end user, even if it is Ethereum’s or Bitcoin’s user.
Novogratz then commented on the present market value of Bitcoin. He said that the price threshold of US$ 40,000 for BTC is very crucial for people with vested interest. If BTC manages to keep threshold intact, then he believes that there can be no potential harm to the Bitcoin market. These are sound and promising conditions for anyone to serious consider investing their bucks into Bitcoin, opined Novogratz. He also said that he is not nervous at all because too much capital has been coming into the overall crypto space.