• Mike Novogratz, the CEO of Galaxy Digital, says he is more bullish on Bitcoin (BTC) than he was six months ago due to steady retail trading and the possibility of exchange-traded funds.
• Novogratz believes that Bitcoin adoption will continue to increase despite tension with central banks and high interest rates.
• At the time of writing, Bitcoin is currently trading at $29,812.
Billionaire Mike Novogratz’s Increased Bullishness on Bitcoin
Galaxy Digital CEO Mike Novogratz has recently expressed increased confidence in his bullish position on Bitcoin (BTC). In a CNBC interview, Novogratz attributed this change in sentiment to the steady retail trading so far in 2023 and the potential for spot Bitcoin exchange-traded funds (ETFs).
Retail Trading Drives Adoption Cycle
Novogratz believes that what drove Bitcoin this year was retail trading which has continued even through scandals and high-interest rates. He sees Bitcoin as a “big idea” that is almost impossible to kill.
Bitcoin Price at Time of Writing
At the time of writing, Bitcoin is currently trading for $29,812, down 0.2% during the last 24 hours.
Central Bankers Nervous About Currency
While there is tension between regulators and central banks regarding Bitcoin adoption, Novogratz believes that it will only increase after surviving difficult situations like FTX scandal.
Novogratz’s increased confidence in his bullish position on BTC speaks volumes about its future prospects. Despite tensions with regulators and central banks, it appears that investors remain confident in Bitcoin as an investment vehicle.