In recent weeks, the bitcoin price has been stable as it continues to trade sideways, with many investors waiting for a narrative shift that will re-write the script. Some are looking for a bottom, while others are contemplating long-term growth strategies.
The price of Bitcoin has been on a downward trend since the peak of 2017. However, it has not dropped as low as many market observers had predicted. The price falls happened fast, but now the price is consolidating and making the next move up. The movement down has many causes. The most probable one is panic selling. Many investors who had bought Bitcoin during the 2018 rally are now dumping their holdings. Some even see this down period as a good opportunity to buy Bitcoin cheap and lock in profits. So, they are waiting for a new narrative shift.
What is happening right now in the world of cryptocurrency is that the narrative is shifting very rapidly from “Bitcoin is dead” to “Bitcoin is really, really alive.”. Read more about is bitcoin safe 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.There are two schools of thought on Bitcoin. The first is that bitcoin is a revolution, one that will replace fiat currencies overnight and lead to a better life for everyone. The other is that bitcoin is just a fad, a bubble that will burst before long. Neither of those views is necessarily wrong, but they do put the financial future of bitcoin into a different light.. Read more about how much are bitcoins worth and let us know what you think.
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