Bitcoin

Bitcoin’s volatility is likely to continue to drop, Mike Novogratz explains why

The CEO of crypto bank Galaxy Digital and former Goldman Sachs asset manager Mike Novogratz visited the Squawk Box exhibit again to talk about Bitcoin.

He stated that the volatility of Bitcoin is lower than that of Ethereum and other cryptocurrencies and that the volatility of Bitcoin will continue to decrease beforehand.

“I think the volatility in Bitcoin is definitely going down”

Mike Novogratz told the show’s co-host Joe Kernen that the volatility of the leading cryptocurrency is decreasing and is likely to continue moving in that direction as more institutions invest in Bitcoin.

Galaxy Digital’s CEO said this was likely because institutions aren’t expecting quick gains from BTC, so they’re looking at Ethereum and other altcoins, which Novo says have higher volatility.

He believes many investors will be looking for “another coin of the month”. And it will continue like this, Novo believes. However, he still believes that Bitcoin is a bespoke store of value and will never be a transactional currency, even if the Lightning Network exists, which enables BTC transactions at a fraction of the cost.

https://twitter.com/SquawkCNBC/status/1474006601287749641?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Novogratz also mentioned a great launch cycle for Bitcoin that happened this year thanks to the efforts of Visa. The US payment giant has enabled 80 million merchants around the world to accept cryptocurrencies.

He also reminded Joe Kernen that this year more than $ 30 billion from VC flows in bitcoin. Earlier this month, Novogratz claimed that Bitcoin will not go below $ 42,000.

Peter Schiff put his two cents into it

Prominent Bitcoin protester Peter Schiff, CEO of Euro Pacific Capital and the ShiffGold Fund, who talks more about Bitcoin than some BTC evangelists, couldn’t hold back from a sarcastic comment about “pumping” Bitcoin on CNBC.

He went on Twitter to suggest that Bitcoin is “all the buyer wants”. By this he means that Bitcoin with these “pumps” – he probably also means Novogratz – probably strongly correlates with NASDAQ and is therefore a risky asset. Or it could be a store of value “if you’re looking for a safe haven”.

“Perfect property,” he concluded sarcastically.

https://twitter.com/PeterSchiff/status/1474015710703763466?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.