A new conference is scheduled for this weekend to reveal more details on the future of bitcoin. This is the first conference in nearly two years. The last one was held in July 2016, and it seems to have had little impact on the price of the cryptocurrency.
Bitcoin – the first and largest digital currency – is still the largest and best-known cryptocurrency. It’s been in existence for nearly a decade now, and in that time it has received a lot of attention from the media. But, is it the revolutionary currency that thought leaders and financial analysts make it out to be? Or is it just a digital flash in the pan? With so much of the world’s money invested in gold and traditional currencies, Bitcoin has become the number one scapegoat for investors looking to make a quick buck.
Bitcoin is slowly but surely becoming more mainstream. Over the past few months, we’ve seen a steady increase in the number of mainstream media organizations covering the cryptocurrency, with many of them linking the currency to the blockchain. But it’s still very much hard to talk about from a mainstream perspective.. Read more about next bitcoin stock and let us know what you think.
In a recent interview at the Bitcoin 2021 conference in Miami, Mike Novogratz said that institutional investors are waiting for the next change in the story. The CEO of Galaxy Digital believes that the market is now in a consolidation phase after last month’s price drop. Mr Novogratz also addressed what the rise of Defi might mean for bankers in the near future.
Mike Novogratz thinks bitcoin investors are waiting for a newstory.
Galaxy Digital CEO Mike Novogratz believes bitcoin is still in a consolidation phase after the price fell sharply last month. According to the entrepreneur, potential investors are waiting for the next change in the bitcoin story. This new incentive will encourage them to reinvest in digital assets. In an interview with Yahoo Finance, Novogratz stated that he thinks institutional investors are responsible for the recent price drop. Institutional investors could buy bitcoins at the low price of $9,000, and when prices rose this year, they wanted to lock in their gains. Novogratz develops: A year later it’s worth $60,000, and the desire to ring the cash register is a human desire so deeply rooted that it has arrived….. We’re going to see a long period of consolidation… and you’re waiting for a new story to bring the next wave of money, and I think we’re in that phase now. Mr. Novogratz believes there is already a new twist to the story. A bitcoin or cryptocurrency ETF could bring that new blood to the market. These tools can get older Americans, who have traditionally been skeptical about investing in cryptocurrency, excited. Galaxy Digital, a Novogratz company, filed for a bitcoin ETF last April.
Defi will impact traditional banking
Mike Novogratz also commented on the state of Defi and how this will affect traditional banks in the near future. He says the world will be surprised by the growth of the defibrillator in the next five years. This means that banking services will suffer comparatively from the regulatory requirements they have to meet. Defi protocols, on the other hand, are virtually free to offer any performance based on their activities. Traditional financial service providers will fight to regulate these services. In any case, the entrepreneur believes that the banks are making a loss. He stressed: The banks will lobby like crazy – less against bitcoin, more against Defi – but bitcoin is a Trojan horse for moving everything to digital assets, and revolutions don’t happen without a little bloodshed. What do you think of Mike Novogratz’s thoughts on the market? Tell us what you think in the comments section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.As Bitcoin continues to surge in popularity and gain adoption, the cryptocurrency community is waiting for a new narrative shift that will see the price spike again. But that narrative isn’t yet in place.. Read more about future of cryptocurrency 2021 and let us know what you think.
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