Michael Novogratz remains a crypto bull despite the recent pullback. He believes the blockchain revolution in its infancy.
“I was focused on BTC getting to 1,000 USD in October 2013. Chinese were buying it, and I remember wanting to sell it because I could buy a jet,” he said.
In BTC’s short-term bear market, from 1,000 USD the bellwether crypto pulled back to 200 USD.
“I know that if I sold at 200 USD, I would have bought a tiny amount. Once you start the process of selling, it is easy to keep selling,” said Mitchael Novogratz
I am not saying I did sell any. I wish I had all the BTC I started with.
I am a finance guy who understands markets.
For so many people in this space, it’s their obsession, and they don’t sell. We have clients with giant piles of BTC, and it is almost irrational that they don’t diversify,” he said.
“It is almost a political philosophy for many people. Markets can fluctuate. They don’t care,” he added.
“I was focused on BTC getting to 1,000 USD in October 2013. Chinese were buying it, and I remember wanting to sell it because I could buy a jet”
MICHAEL NOVOGRATZ
BTC as a store of value is why Michael Novogratz remains a crypto bull
“I think BTC could replace gold just through adoption. We are going through the largest wealth transfer in the history of the world. Baby boomers will sadly die, and they will pass that money to the next generation as that happens. Future generations are online people, So digital gold is better for them,” he said.
Michael Novogratz believes that the natural progression toward BTC as digital gold will happen over time.
- “Gold’s market cap is 16 trillion USD, and Bitcoin is two trillion or a little less. So there is 8X when you get close to a million bucks, and that could be ten years,” he said.
“Gold’s market cap is 16 trillion USD, and Bitcoin is two trillion or a little less. So there is 8X when you get close to a million bucks, and that could be ten years”
MICHAEL NOVOGRATZ
Two vector story is why Michael Novogratz remains a crypto bull
“There are two vectors. Adoption and the macro story. Cutting waste in the government will slow down the macro story,” he said.
Michael Novogratz thinks the current administration could experience resistance in Congress if it becomes too ambitious in public cost cuts, so he thinks the macro story still has tailwinds.
Regarding being on par with Gold and X8 from here, he hopes it doesn’t happen too fast.
“If you see hyperinflation of BTC, it would be because of hyper devaluation of the dollar.
“When a country’s currency becomes toilet paper, civil society and the rule of law breaks down, ” he said, citing Venezuela,Turkey and Nigeria. “You don’t want to live in a country where the currency is plunging.”
“Crypto enables the financial inclusion of people who are unbanked”
– Wealth Training Company
Libertarian view, financial inclusion why Michael Novogratz remains a crypto bull
He sees cryptos as being life-changing for people living in a currency crisis, being able to protect their hard-earned labour from currency debasement. All they need is an internet enabled phone.
Crypto enables the financial inclusion of people who are unbanked.
In the US, 90% of wealth is owned by people 70 and over years of age.
The price of a home in the US has doubled since 2012.
Most Americans are under 40 years of age, and they vote.
Crypto addresses this demographic wealth imbalance, and the technology has become bipartisan. Both sides of the political spectrum recognise they need crypto-friendly policies.
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