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Novogratz: With USD Debasement, Bitcoin Proves to Be a Good Alternative

Novogratz: With USD Debasement, Bitcoin Proves to Be a Good Alternative
  • In general, 2020 has been a pretty good year for cryptocurrency.
  • Mike Novogratz has given his opinion on the bitcoin price and that it would continue to rise higher over the course of this year.

In general, 2020 has been a pretty good year for cryptocurrency. Especially for bitcoin which finally broke the $9000 mark last week and has seen many enthusiasts, investors and traders excited for what the future might hold. Given the past two years being somewhat lacklustre (and that’s one way of putting it), it’s exciting to see what the rest of the year - if not the rest of the first quarter of 2020 - will hold. In regards to its price, the coin has experienced some big surges over the past couple of weeks.

With that in mind, the former partner at Goldman Sachs and the current head of the cryptocurrency fund Galaxy Digital, Mike Novogratz has given his opinion on the bitcoin price and that it would continue to rise higher over the course of this year.

To start off with, he highlighted that a large amount of liquidity in the economy of the United States and the debasement of the US dollar has been creating an environment that would make people see the need for a cryptocurrency such as bitcoin. He went on to add that with the recent skyrockets in price during the United States/Iran tensions (as well as the outbreak of the coronavirus), he had a lot of confidence in investment in bitcoin. Furthermore, he had he added that the leading cryptocurrency had proved that it could be considered a reliable alternative compared to fiat money such as the dollar.

The digital gold comparison has been thrown about a lot in bitcoins face the past few years. Speaking on this, Novogratz said:

“It is a weapon in people’s portfolio… Bitcoin is a version of gold. We call it digital gold and we’re putting in plumbing all around the system to allow more and more people to buy it so it trades much, much better.”

Whereas Novogratz doesn’t exactly predict a solid price for the leading cryptocurrency in the interview, he has previously indicated that he sees the bitcoin price strongly skyrocketing by the end of this year and into the early weeks of 2021. Given his bullish manner, Novogratz has even predicted all-time highs for the flagship cryptocurrency.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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