Bitcoin in ‘good shape’ as long as BTC price stays above $40K — Mike Novogratz
The veteran Bitcoin bull says he’s not “nervous” about crypto on the back of the institutional investor demand he has witnessed.
Bitcoin (BTC) won’t be making Galaxy Digital CEO Mike Novogratz “nervous” unless it dips below $40,000.
In an interview with CNBC on Sept. 21, the infamously bullish investor calmed fears about the latest sell-off across cryptocurrency.
Novogratz on institutions: “I see nothing but engagement and activity”
Despite the macro environment wobbling over China and Bitcoin shedding up to 10% this week, there are few bearish voices among well-known crypto industry commentators.
Novogratz is no different, arguing that the price drop was more so a healthy corrective move for a market that had spent several months in “up-only” mode.
“I think the market got itself a little too long — the China news scared people,” he said, also noting concerns over United States regulatory activity.
For the short term, “very important levels to watch” are $40,000 for Bitcoin and $2,800 for Ethereum’s coin, Ether (ETH).
“As long as those hold, I think the market’s in good shape,” he continued.
Looking beyond market action, however, the underlying demand from institutional investors has remained untouched.
“I see nothing but engagement and activity from our investing clients and our corporate clients,” Novogratz added, concluding that he is not nervous about crypto.
Dalio joins Bitcoin “value” debate
Other institutional voices have meanwhile been more tame in recent days.
Related: Institutional investors increase their crypto holdings for 5th straight week
In a similar media appearance, Ray Dalio of Bridgewater Associates stressed that Bitcoin has a “perceived” rather than intrinsic value, despite being an investor himself.
Regulation, he warned, could still “kill” the cryptocurrency’s fortunes, likewise pointing to the United States.
Dalio has nonetheless softened his stance on Bitcoin considerably since he first began mentioning it in public and making an allocation.
“We can get into philosophical debates about what value is,” Novogratz said about Bitcoin’s true worth.
“A Matisse painting can run $100 million because a small amount of people decide they’re worth $100 million. Over 150 million people around the world that have decided Bitcoin is worth something. That’s enough for me.”