Bitcoin has misplaced greater than 60% of its worth within the final seven months, however that hasn’t modified its standing as a macro asset.
In a current interview, Mike Novogratz, the CEO of Galaxy Digital, advised the New York Magazine that Bitcoin isn’t going away as a macro asset.
He made this assertion when requested in regards to the ongoing bear market. Novogratz mentioned;
“You have to put things in perspective. If I told you at the beginning of the pandemic you could buy Zoom stock or bitcoin — today, you would have doubled your money on bitcoin, and you’d have made nothing on Zoom. So that’s what I think is hard for people to get their heads around. This has been a complete and total old-school ass-beating. But it’s important not to throw the baby out with the bathwater because we had a speculative mania in lots of asset classes. Bitcoin is not going away as a macro asset. Web3 is not going away.”
Novogratz believes that the metaverse will develop extra outstanding over the approaching years, and extra folks will spend digital belongings throughout the metaverse.
When requested if the present market crash is just like what we noticed in 2018 and 2014, Novogratz mentioned every bear market is totally different. He acknowledged that;
“I’m hoping we saw the worst last weekend. I’d be more confident of that if I knew where inflation was going to be in the next two quarters. But if you had a sell order, you most likely sold — ethereum went down to $890, bitcoin went down to $17,900. And so I think now you’re going to see the triage you see after big crashes, where people are a little less risky or a lot less risky. And so, in all likelihood, we have a big recession coming. And that’s not terrible for crypto, but it’s terrible for the economy. And it’s not good for the stock market.”
The crash of the UST stablecoin a few weeks in the past sparked concern of stablecoins throughout the cryptocurrency ecosystem. However, Novogratz mentioned even the crash of the main stablecoin Tether wouldn’t be catastrophic to the cryptocurrency market.
Bitcoin is buying and selling above the $21k mark after including greater than 4% to its worth during the last seven days.
