While pessimists believe that Bitcoin will never come back to its glorious past after the price it experienced in the year 2017, celebrity rich Mike Novogratz believes that Bitcoin will be the year 2020. Will be in the spotlight.
According to YouToday, Novogratz wrote in a tweet:
Bitcoin will continue to fluctuate in the next few months. But the current macro situation is why Bitcoins was created. This year will be Bitcoin year and it should be.
Former CEO Goldman Sachs tweeted that the king of digital currencies could shine in the big picture.
In the last two weeks, bitcoin has seen crazy fluctuations. From a 50% fall to a 80% recovery, and all this happened in just one week. Buyers and sellers are currently trying to raise or lower the price, and at the time of writing this, bitcoin is priced at about $6280.
It is worth noting that Novogratz does not expect bitcoin prices to stabilize in the next two months. This instability is not unexpected on the eve of Hawking.
Novogratz believes that during the recent historic downturn, global confidence in Bitcoins has declined. This is true of almost every other asset class. Even gold, a traditional safe haven for investors, lost about 15% of its value in the meantime.
The only asset that has benefited from the heavy selling pressure from the Coronavirus appears to be the US dollar. But this may change with monetary policy changes.
The US Federal Reserve, the Bank of England and other central banks in different countries are printing unprotected money in different countries, which is on the verge of hawking bitcoin, which will reduce the number of new bitcoins by half. It seems time for the general public to realize the real potential of bitcoin. What the Fed is doing now is supplying “helicopter money”. Helicopter money is a bohemian monetary policy that is sometimes used as an alternative to the “quantitative easing” policy, and the government grants its citizens free money rather than market money. Helicopter monetary policy is adopted when the economy is in the trap of liquidity shortage, meaning that interest rates have fallen to near zero, but the economy remains in recession.
Michael van de Poppe, the market trader, also responded to the Novogratz tweet:
Maybe not this year 2020, but it’s definitely going to be a bit of a decade of bitcoin.
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