2020 will be the year of Bitcoin, according to Michael Novogratz
The market isn’t showing it yet, but for some crypto celebrities, it’s clear that Bitcoin will soon show its strength. Including Michael Novogratz, who sees the year 2020 for Bitcoin.
The year of Bitcoin
Although Bitcoin, like all other markets, has suffered greatly due to the global economic situation, Galaxy Digital Holding CEO Michael Novogratz remains optimistic. He recently predicted that 2020 would be the year of Bitcoin due to the macro environment.
The past few weeks have looked anything but good for all markets, including the crypto market. Some well-known indices like the Dow Jones or the S & P500 have dropped so much that trading had to be suspended several times to avoid an even bigger impact.
Due to the decentralized nature, trading in the crypto markets cannot be simply suspended, which is why price drops of 40% per day are quite possible.
In mid-March, Bitcoin experienced one of its worst falls in 24 hours, reaching just under $ 3,600. Since then, Bitcoin has recovered and is currently trading at more than $ 6,200. These kinds of huge fluctuations are used in the crypto markets.
Novogratz confirmed that it also expected this volatility and even warned it. However, it expects Bitcoin to play an important role in 2020 due to its general economic characteristics.
“$ BTC will continue to be volatile over the next few months, but the macroeconomic context is WHY it was developed. It will be and must be the year of BTC. “
Michael Novogratz is not alone in his opinion. Famous Tim Draper also recently said that the benefits of Bitcoin and crypto on current systems are becoming clear in this crisis.
The former Goldman chief executive, when Bitcoin fell to 3,600, said that BTC is still a trust game. Everything is crypto and it seems that global confidence in almost everything has evaporated.
For him, it is also clear that the only reason for the fall of Bitcoin can be found in the fact that traders are trying to increase their profits by taking advantage of this market crisis.
In addition to these two, Tyler Winklevoss, CEO of Geminig and Edward Snowden, is also very optimistic. Winklevoss noted that BTC will come out stronger than ever. Snowden saw no real reason for the sharp 40% drop and even advised buying more Bitcoin.