July 20, 2024

Mike Novogratz: this year will be “the year of bitcoin”

The founder of Galaxy Digital, Mike Novogratz, is confident that the globalthe economic crisis will be the time of the breakthrough of the first cryptocurrency.

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"Bitcoin will remain volatile for the next few months, but the macroeconomic backdrop is what it was created for.This year should be and will be the year of BTC,"Novogratz said.

On Friday, March 13, the leading cryptocurrencycollapsed in sync with other markets after the WHO announced the COVID-19 pandemic. The S&amp;P 500 suffered its biggest daily drop since 1987. Bitcoin dropped below $4,000 for a while.

Novogratz explained the sharp collapse of cryptocurrency quotes that day by the panic sale of the asset by margin traders.

Last week, the price of bitcoin returned to levels above $ 6000 and in recent days has fluctuated around this level.

Novogratz previously said that the economic crisis will delay the massive adoption of cryptocurrencies for a year or a half.