Bitcoin use as a Hedge Fund Could Propel Adoption- Mike Novogratz

Zain  |  May 11, 2020

The Founder and CEO of Galaxy Digital and a strong bitcoin proponent, Mike Novogratz believes that the use of bitcoin as a hedge fund by billionaire investor Paul Tudor Jones has opened a new doorway for new buyers to enter the Crypto world.

He added on the podcast that seeing what Jones did, many would be tempted to go the same way and put BTC in their hedge fund and that it could make them a lot of money if it pays off.

Mike Novogratz Goes on and on

Like many times before Mike Novogratz continues to sing praises for the king coin. However,  he states that with the bitcoin halving on the cusp, along with the current crisis the world is enduring, bitcoin reputation is now bigger than ever.

He believes now it has turned into a macro weapon and could be considered in the same bracket as treasuries and that makes it an even bigger asset than it ever was. Also, the only asset worth investing in right now is bitcoin, especially seeing the way it recovered from black Thursday just a couple of months ago.

The open interest and daily volume of CME Bitcoin Futures as the bitcoin halving nears have gone up a notch too. Institutional Circles would ad the adoption of bitcoin too according to Novogratz who believes that bitcoin as a store of value is its most important characteristic.

Factors such as Jones investment and bitcoin halving has helped in driving the price of bitcoin higher and trader around the $10,000 mark.  The bitcoin proponents like Mike Novogratz and Tim Draper has made prophecies previously and they've been correct more often than not. He would be hoping that the expectations he has from bitcoin to be used in a hedge fund live up to the hype.

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