Novogratz Bullish on Bitcoin’s Recovery After Major Plunge

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Mike Novogratz, CEO of Galaxy Digital, remains confident in Bitcoin‘s upward trajectory, disregarding its recent significant drop as just a temporary setback or “risk blip,” despite it being the largest one-day decline for Bitcoin since the fall of Silicon Valley Bank.

Wars come with a hefty price tag…. I hope tensions don’t escalate into a larger conflict. After this uncertain phase, Bitcoin is likely to continue climbing upwards.

I sincerely hope that rational minds prevail and this isn’t the beginning of a full-blown crisis in the Middle East.

Despite all the positive developments happening in the Middle East, it’s unfortunate that….

— Mike Novogratz (@novogratz) April 13, 2024

The decline in Bitcoin’s value lately can be mainly linked to geopolitical conflicts in the Middle East, specifically Iran’s missile and drone assault on Israel following Israeli air raids in Syria. Novogratz expressed optimism that “rational thinking will prevail” and that this confrontation won’t develop into a larger-scale regional war.

In spite of market instability, Novogratz remains hopeful about Bitcoin’s future, anticipating it will reach over $100,000 by 2024. He attributes this optimism to the strong growth of Bitcoin ETFs, which he sees as a significant factor fueling his positive projection.

In addition, Novogratz has stated via Twitter that beneficial economic circumstances, such as possible US Federal Reserve rate reductions, could positively impact the cryptocurrency market this year. Yet, continuing inflation worries and Middle Eastern conflicts might cause these rate reductions to be postponed.

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2024-04-15 04:07