Advertisement
 
 
Galaxy Digital CEO Michael Novogratz thinks Bitcoin’s price could be much higher if only it became easier to acquire. Novogratz was offering his opinion during an interview on a segment known as “Closing Bell” on CNBC. According to him, people are still finding it hard to buy Bitcoin, and that has had the negative effect of keeping its price lower than it should be.
Banks Are Missing The Point
The popular CEO went on to point out that the resistance against Bitcoin by traditional banks hasn’t helped the market, adding that by resisting Bitcoin, traditional banks are missing the point. This was in response to a recent occurrence where Goldman Sachs, one of the biggest banks in the United States, cautioned its customers against buying Bitcoin.
Granted, many popular figures in the crypto and business world at large have touted Bitcoin as a revolutionary innovation that should usher in the new era of better and smoother business operations especially in regard to funds transfer. The pioneer coin has also seen growing support for its rising popularity as a viable store of value. Among those in favor of Bitcoin include Michael himself, Jack Dorsey, Abigail Johnson, and Paul Tudor.
Bullish Market
Going on, Novogratz argued that Bitcoin doesn’t need so much validation by popular people in the financial sector for people to recognize its potential. Besides that, Bitcoin is already getting a lot of attention from the likes of Grayscale, a crypto asset management firm that has been buying Bitcoin in large quantities.
Fidelity is another financial giant that has enabled tens of millions of customers to buy Bitcoin, driving an influx of “new money” into the market. By that account, the market is bullish for Bitcoin as institutional funding flow in.
The Regulatory Issue
Notably, Bitcoin has had its share of troubles when it comes to regulatory issues. However, according to most market pundits, this hurdle will finally be overcome as long as the authorities don’t block buying channels and investment setups in the crypto market. In that case, Bitcoin will continue to get more popular even as some banks shy away from it.
Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram
DISCLAIMER Read MoreThe views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
I’m a highly experienced writer and editor specializing in the field of cryptocurrency. I have worked extensively with some of the biggest names in the industry, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Crypto Insider. I am also a regular contributor to Forbes Crypto. In addition to writing, I am also an expert in social media marketing and have helped numerous clients grow their online following. If you’re looking for someone who can help you spread the word about your crypto project or business, I’m always available to help!
Emie Kohler
