From once being priced at $20,000, Bitcoin is now down 80 percent since December last year when the bull run occurred sending all the cryptocurrencies to skyrocket in price. Bitcoin isn’t the only crypto losing out though as the rest of the market seemed to follow in its footsteps.
Now though, the Bitcoin bulls seem to have taken a laid-back approach (as in they aren’t active whatsoever) as the bears have taken ahold of the market. With the market’s current state, the former partner at Goldman Sachs and the founder of the cryptocurrency merchant bank Galaxy Digital Holdings, Mike Novogratz has given some warnings for those who faith in cryptocurrency.
According to Forbes, many enthusiasts in the cryptocurrency community believe that the adoption of digital assets will revolutionise the financial services industry by utilising the blockchain and the underlying technology behind the leading cryptocurrency to improve the old and slower systems.
Novogratz made a warning in a recent interview he had with Bloomberg in which he said:
"Revolutions don’t happen overnight. While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying, 'This is going to change the world.’”
Earlier in the year, many enthusiasts thought that the price of Bitcoin had found its floor at just over $6,000. Novogratz was one of these enthusiasts and as the price seemed to be around that level for quite some time, the prediction had some weight behind it. Novogratz said, "I did think Bitcoin was going to hold at $6,200. It stayed there for four months. It felt like the selling was finished. But then Bitcoin Cash decided to fork again."
Despite all this, Novogratz is still bullish on the idea of Bitcoin making a breakout in the future.
"I do believe Bitcoin is going to be digital gold. We have a business that we think can break even next year, if not make money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto."
What do you think? Will Bitcoin breakout soon? Let us know your thoughts down in the comments!