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

Galaxy Digital founder Mike Novogratz is convinced that the global coronavirus pandemic provoked the 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 background is what it was created for. This year should be and will be the year of BTC ", - said Novograts.

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Friday, March 13th, the leading cryptocurrencycollapsed in sync with other markets after the WHO statement on the COVID-19 pandemic. The S&P 500 experienced the largest daily drop since 1987. Bitcoin for some time fell below the level of $ 4000.

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.