With the price of Bitcoin constantly testing the support level near $ 19,000, the founder and CEO of Galaxy Digital Mike Novogratz recommends carrying out “HODL” (keeping your cryptocurrencies) by 2025.
In a live interview with Yahoo Finance published on Wednesday Novogratz said the current rally in Bitcoin (BTC) is being driven by high profile institutions and investors “slowly entering the room”. He cited companies like PayPal and Square take over cryptocurrency, as well as the billionaire Stanley Druckermiller, who recently proposed the digital asset could pay more than gold.
“Bitcoin has become a macro asset to protect against fiat currency devaluation both here in the US and abroad.”, Said Novogratz. “Everyone should invest 2-3% of their net worth in Bitcoin and look at it in five years and they will see that it is a lot more.”
The CEO stated that he believes the volatility of the crypto asset will persist. but he thought it unlikely that the price of Bitcoin would “fall back below $ 12,000”. Last week in a response on Twitter to English actress Maisie Williams, Novogratz said Bitcoin will eventually hit $ 65,000 due to a combination of low supply and “a lot of new buyers”.
In 2018 Novogratz founded Galaxy Digital, a leading digital asset and cryptocurrency venture capital company. Today he is considered one of the largest investors in cryptocurrencies and blockchain. The CEO was often optimistic about the price of Bitcoin. The prediction of the asset would hit $ 20,000 by the end of 2020.
At the time of this writing The price of Bitcoin is $ 18,978, up more than 6% over the past week.