Mike Novogratz Believes Bitcoin is Still Hard to Buy

Vandana  |  May 28, 2020

Mike Novogratz, CEO of Galaxy Digital has recently said during an interview on CNBC that even after so much time, it is still difficult to buy Bitcoin for most of the people. He believes that if buying crypto would’ve been easier then the price of Bitcoin and another crypto must’ve been much higher than the current price.

They are “missing the bigger picture” pic.twitter.com/emw1xzk787

Novogratz claims that the banking world is missing a bigger picture

While talking about the difficulty of buying Bitcoin, Novogratz has also said that most traditional banks are missing the bigger picture ahead. He made this statement when asked about the Bitcoin snub of Goldman Sach which is a major investment banking firm. Goldman has recommended all of his clients in its recent conference call that they should not buy cryptocurrency. Not only this, but he has also given many reasons that Bitcoin should not be considered as an asset class and mentioned all the illegal use cases of crypto.

As Novogratz has said that the traditional financial world needs to change its perspective, he also said that there is not any need to get approval from those. It is quite evident through the action of some huge investors like Paul Tudor Jones, Jack Dorsey and many more investing in Bitcoin. This has indicated that Bitcoin is definitely a store of value even without validation from the traditional banking world.

Individual investors coming back to the market 

As the crypto adoption is growing rapidly among different parts of the world, it has been seen that there is a growth of 14% in small addresses which are holding 0.1 BTC. This indicates that various individual investors are slowly coming back to the market with their investment. Novogratz has pointed towards one of the most bullish things that have happened to Bitcoin in the past. He recalled when Fidelity, a mutual fund giant, offered its users an opportunity to buy Bitcoin from its platform only. This has led to a huge Bitcoin adoption among 26 million users of the firm.

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