Galaxy Digital CEO Michael Novogratz thinks Bitcoin's price could be much higher if only it were easier to acquire. Novogratz offered his opinion during an interview on a segment known as "Closing Bell" on CNBC. According to him, people still find it difficult to buy Bitcoin, and that has had the negative effect of keeping its price lower than it should be.
They are "missing the bigger picture" pic.twitter.com/emw1xzk787
– Matt Case (@matthewryancase) May 27, 2020
Banks are missing the point
The popular CEO went on to point out that resistance against Bitcoin by traditional banks has not helped the market, adding that by resisting Bitcoin, traditional banks are missing the point. This was in response to a recent event in which Goldman Sachs, one of the largest banks in the United States, warned its clients against buying Bitcoin.
Agree, many popular figures in the world of cryptocurrencies and business in general have touted Bitcoin as a revolutionary innovation that should usher in the new era of better and smoother trading operations, especially when it comes to transfer. Of funds. The pioneering coin has also seen growing support for its growing popularity as a viable store of value. Bitcoin supporters include Michael himself, Jack dorsey , Abigail Johnson and Paul Tudor.
Continuing, Novogratz argued that Bitcoin doesn't need as much validation from popular people in the financial sector for people to recognize its potential. On top of that, Bitcoin is already getting a lot of attention from people and big companies like Grayscale, a cryptocurrency asset management company that has been buying Bitcoin in bulk.
Fidelity is another financial giant that has allowed tens of millions of customers to buy Bitcoin, generating an influx of "new money" into the market. According to that account, the market is bullish for Bitcoin as institutional funding flows.
The regulatory issue
In particular, Bitcoin has had its share of problems when it comes to regulatory issues. However, according to most market experts, this hurdle will eventually be overcome as long as the authorities don't block purchase channels and investment setups in the cryptocurrency market. In that case, Bitcoin will continue to become more popular even when some banks avoid it.