Cryptocurrency enthusiast and CEO of Galaxy Digital, Michael Novogratz, believes that the fall in the bitcoin rate is nothing to worry about and is just a “stress relief.”
In an interview with Bloomberg, Novogratz noted that retail investors still dominate the cryptocurrency market. Often, they too harshly and nervously perceive the fall of the market, and after all, bitcoin is an extremely volatile asset. And the fall in cryptocurrency rates on September 7 became a common “stress relief”.
“People are seeing companies like Visa and Amazon eyeing cryptocurrencies. Investors understand that bitcoin is no longer just an asset to hedge inflation and currency risks. Now it is becoming a real Internet for moving wealth, ”says Michael Novogratz.
Many investors have high expectations and panic when the Bitcoin price suddenly falls. The fall of the market on September 7 was “just a release of excess pressure from the cylinder.” It is worth noting that after falling from $ 53,000, the bitcoin rate consolidated around $ 46,000, but on September 8, it briefly dropped to $ 43,000.
Recall that at the end of August, the Visa payment system bought a collection token from the CryptoPunks series. We are talking about NFT CryptoPunks # 7610, its cost was approximately $ 150,000.
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