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Is 2020 bitcoin’s year despite COVID-19?

Is 2020 bitcoin’s year despite COVID-19?
  • There has been some significant volatility in the bitcoin price these past few weeks. 
  • This makes its next steps even more unpredictable than they already were. 
  • Michael Novogratz has said that 2020 could be the year for the leading cryptocurrency. 

There has been some significant volatility in the bitcoin price these past few weeks. This makes its next steps even more unpredictable than they already were. Despite the constant uncertainty and continuous volatility in the industry, the CEO of Galaxy Digital, Michael Novogratz has said that 2020 could be the year for the leading cryptocurrency. In a recently published tweet, Novogratz said that the volatility could be massive however, the ‘macro backdrop’ is exactly why it was created in the first place.

It is well known that Novogratz has been a bitcoin bull for many a year. He’s always the first one to give an outrageous prediction on the price for the flagship cryptocurrency. His company, Galaxy Digital aims to bridge the gap between the mainstream institutional world and the crypto world.

The company plays a massive role in bringing investors into the industry and encouraging adoption as it does this. For bitcoin, there has been a significant increase in the interest from many institutional players as well as general mainstream attention. This would explain the significant confidence that Novogratz has in the asset.

Going off recent statistics, they reveal that there is a rising interest in bitcoin as well as cryptocurrency in general. Looking at Google and the Chinese main search engine, Baidu, the number of searches for the leading cryptocurrency has increased by just over 180%. Furthermore, this increase was seen just in the last 30 days.

One bitcoin analyst though, Josh Rager has said that bitcoin has not yet decoupled itself from the stock market. It’s price movements heavily rely on the traditional market so it’s not safe to say that the two are all that different from one another. The argument that bitcoin is better in terms of an investment, adding to the current state of things, seems to have been made redundant. With such a rising interest in cryptocurrency and bitcoin though, there is a lot of help being spurred on in investors hearts.

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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