Bitcoin’s current drawdown does not change the overall bullish trend. This opinion was expressed by the head of Galaxy Digital Mike Novogratz in an interview with CNBC. According to him, the fall was influenced not only by the tax day in the United States, but also by Musk’s fears about the unsustainability of bitcoin.
At the same time, Novogratz emphasized that, similar to the traditional financial system, the cryptocurrency ecosystem also consumes electricity. Also, the head of Galaxy Digital believes that sooner or later the markets will accept the cost of bitcoin in order to maintain decentralization.
Talking about the fall of the entire market, Novogratz sees this as an investment opportunity.
“Markets shouldn’t be an easy way to make money. If they were, we would all be rich. Markets overheat, then correct. It’s okay, ”he said.
The well-known bitcoin bull recalled that even despite the fall, bitcoin is still in positive territory by 50% since the beginning of the year. Recall that as of January 1, Bitcoin was trading at $ 29,000.
Source: nomics.com
At the time of this writing, the price of bitcoin is $ 38.7 thousand.The market capitalization of the cryptocurrency has decreased to $ 725.6 billion, and its dominance has dropped to 40%.
The drop came a couple of weeks after Galaxy Digital bought the BitGo cryptocurrency depository for $ 1.2 billion. In its report for the first quarter of 2021, Galaxy Digital announced plans to list on the US stock exchange in the second half of this year. BitGo shareholders will own about 10% of the combined companies. It remains to be seen whether the company is adhering to the previous deadlines for entering the stock exchange.
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