Billionaire businessman Mike Novogratz, one of the biggest Bitcoin bulls, talked about the latest rise in Bitcoin in a live broadcast he attended.
"Bitcoin and Cryptocurrency Prices Rise Despite All the Negativities in 2023"
Novogratz said that since the beginning of 2023, there has been a lot of negative development in the crypto money sector, the US authorities have attacked cryptocurrencies, the banks are pressured not to invest in the crypto money sector, many lawsuits and warnings have been made, and despite all this, crypto prices have risen.
Novogratz stated that this situation gave him great optimism and self-confidence regarding the cryptocurrency industry.
The billionaire also said that the crypto community and Bitcoin are resurgent with the recent banking crisis.
Novogratz said the following regarding Bitcoin:
“We're going to have a credit crisis in the US and the economy will slow down and slow down quite seriously. This creates a great macro backdrop for Bitcoin.”
Novogratz said that with several regional banks going bankrupt recently, credit institutions will likely accept fewer customers, which could lead to a credit crisis in the United States.
He argued that this in turn would "slow the economy" and ultimately encourage the Fed to cut rates more aggressively than expected, with the first reduction in borrowing costs potentially coming by year's end.
Novogratz said that Bitcoin would be in a "sweet position" if interest rates fell again.
“Bitcoin has had a massive upswing,” he said, pointing to the $30,000 price point reached this week for the first time since Three Arrows Capital and other firms collapsed in June 2022. We can consolidate."
Mike Novogratz was also one of the biggest supporters of the sunken altcoin Terra (LUNA) and even had a LUNA tattooed on his arm.
However, after the collapse of Terra's stablecoin TerraUSD (UST) and the sudden drop in the price of LUNA in May 2022, he admitted it was a "big idea that failed" and said he learned a lesson in humility.
*Not investment advice.