“Bitcoin has one of the ugliest charts in history” says Mike Novogratz

Mike Novogratz, the CEO of Galaxy Digital, is one of the most famous bitcoin bulls among billionaires. He predicted that bitcoin will break out of its 2018 slump and could soar to a record high in 2019 on multiple occasions. In his latest interview with Bloomberg, Novogratz noted:

“This was one of the ugliest charts in history. We had a bubble, it popped, we had a monster correction, altcoins are down over 90%, that is a lot”.

He went on to mention Ethereum’s huge nosedive of 95%, bitcoin’s 80%+ downfall. But he made sure to note that the comparison of bitcoin bubble with tulips is incorrect saying:

“This was a mania built on something that is real. Most bubbles are built around things that are real. The internet bubble felt like a mania”.

Novogratz highlights technological progress and also progress made in the institutional infrastructure.

“I am 98% certain that this will not be a petard I am hoisted by.

My conviction level is high. I am fairly certain that we will have a digital store of wealth and I think it will be bitcoin.”

The former Goldman Sachs partner and hedge fund manager made and lost a fortune on Bitcoin. He’s undeterred by its drop.

Novogratz told in one of his earlier interviews that he thought that bitcoin bottomed out at $6k.

“I did think Bitcoin was going to hold at $6,200. It stayed there for four months. It felt like the selling was finished. But then Bitcoin Cash decided to fork again. [Bitcoin Cash had broken away, or “forked,” from the original Bitcoin in August 2017 over a disagreement among crypto developers.] At the same time the SEC came out and sanctioned a few ICOs [initial coin offerings] and said, “Oh, by the way, your investors can sue for damages.” That scared the heck out of a lot of people.”

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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