Mike Novogratz, the Former Wall Street Hotshot, is Confident About BTC’s Rise

By Kapil Gauhar

Member of Fortress Financial’s top brass became the crypto-centric merchant bank chief; Mike Novogratz gave some key insight into his outlook for the blockchain-centric assets as well as decentralized applications. Astonishingly, the diehard maintained his optimistic outlook about the leading cryptocurrency.

Speaking with Erik Schatzker, Novogratz began a candid conversation by joking that he’s become the ugly face of the industry, a far cry from his months as the poster child of the cryptocurrency. In spite of his newfound classification as an ugly face of the bitcoin industry, he articulated that he still is positive in the technology underpinning Bitcoin – Blockchain Technology – and digital assets themselves.

Novogratz still explained that “revolutions don’t happen overnight,” while adding that it was apparent that 2017’s monumental rally was a bubble at the time “people would come up to me to take selfies,” as by then, it was evident that crypto assets were slated to pullback and plateau.

The Galaxy Digital representative then touched on what lies in the store for Bitcoin. Reverberating comments that he made earlier on CNN Money, the industry chief noted that Bitcoin would likely to be the digital gold. Giving his rationale behind this claim, Mike drew the attention to Yale University’s recent foray into the cryptocurrencies, while adding that some of the smartest people, like Yale’s David Swensen, see the value of BTC and related innovations.

In the long run, summarizing his points, Mike Novogratz noted that Bitcoin at $20,000 was a drug, but added that he wouldn’t be caught dead stating that it’s going to diminish by ZERO. Rather, he explained that the existing state of the market is just customers visiting the methadone clinic.

Regardless of the fact, the matter is that various industry insiders aren’t ready to fold, even while innumerable startups are nearing collapse.