Mike Novogratz, CEO of Galaxy Digital, who has made a name for himself with Bitcoin predictions, shared his thoughts on Bitcoin in the Squawk Box program of CNBC, which he attended.
Former Goldman Sachs asset manager Mike Novogratz said that price volatility in Bitcoin is lower than in Ethereum and other altcoins, and the drop in volatility will continue.
Stating that the decrease in volatility is due to the interest of institutional investors in Bitcoin, the CEO stated that this trend will continue.
Stating that institutional investors do not expect a quick profit from Bitcoin, Novogratz stated that investors who want to make more money in the short term are turning to Ethereum and higher volatility altcoins.
The famous CEO, who maintains his thoughts that Bitcoin is a store of value and cannot be used as a means of payment, “investors will continue to look for the cryptocurrency of the month.” said.
“The efforts of payment providers like Visa have increased the adoption rate for Bitcoin in 2021. Visa alone has allowed 80 million merchants to accept cryptocurrency.
I think the volatility in Bitcoin is definitely going down. Volatility decreases as institutional investors come in. I think this is a good thing. I think Bitcoin is a store of value, not a trading tool.”
Mike Novogratz, who often shares his thoughts with Bitcoin, stated in his previous statements that $42,000 is the bottom for Bitcoin.
*Not investment advice.