Bitcoin in “good standing” as long as the BTC price stays above $ 40,000 – Mike Novogratz

Bitcoin (BTC) won’t worry Galaxy Digital CEO Mike Novogratz unless it drops below $ 40,000.

In an interview with CNBC on September 21, the popular bull investor allayed fears of the recent cryptocurrency sell-off.

Novogratz on organizations: “I see nothing but participation and activism”

Despite the shaky macro environment on China and Bitcoin by up to 10% this week, there are few pessimistic voices among prominent commentators on the crypto industry.

Novogratz is no different, arguing that the decline is a healthy correction for a market that has been in “just up” mode for several months.

“I think the market has been on its own for a while; The news about China scares people, ”he said, noting concerns about US regulatory practices.

In the short term, “very important levels to be observed” are US $ 40,000 for Bitcoin and US $ 2,800 for Ethereum’s ether (ETH) tokens.

“As long as these things hold up, I think the market is in good shape,” he continued.

Looking beyond what is happening on the market, however, the fundamental demand from institutional investors remains unaffected.

“I see nothing but commitment and activity from our investment and corporate clients,” added Novogratz, concluding that he is not worried about cryptocurrencies.

Dalio joins the Bitcoin “value” debate

Meanwhile, the voices of other organizations have been quieter in the past few days.

Related: Institutional investors increase their crypto holdings for the 5th week in a row

In a similar media appearance, Ray Dalio of Bridgewater Associates emphasized that Bitcoin “perceived” its intrinsic value rather than its intrinsic value, even though he was an investor himself.

Regulation could still “kill” crypto assets, he warned, the same will only come to the US.

However, Dalio has toned down his views on Bitcoin significantly since he first publicly mentioned it and made the allocation.

Novogratz said of the true value of Bitcoin: “We can have philosophical debates about what is value.

“A Matisse painting can be worth $ 100 million because a small number of people decide it’s worth $ 100 million. More than 150 million people around the world have decided what Bitcoin is worth. That’s enough for me. “