Prominent billionaire investor and Galaxy Digital founder Mike Novogratz shares behind-the-scenes details of Bitcoin’s recent selloff and predictions for the future of the global economy in an interview with Anthony Pompliano.
Mike Novogratz, one of the most influential figures in the crypto world, likened Bitcoin’s recent slump to a “breather break after a marathon,” outlining the reasons for the market’s selling pressure and his hopes for the future.
Novogratz said there was a sense of euphoria in the market after Bitcoin crossed the $100,000 level. However, claiming that major companies had booked profits after this rally, Novogratz summarized the main reasons for the decline:
The investor said significant selling pressure worth $9 billion has built up in the market, indicating that institutional investors and individual “whales” feel the need to convert their holdings into cash.
Novogratz said many investors he knows have sold their bitcoins for personal expenses, such as buying sports teams or yachts, causing a temporary imbalance between supply and demand in the market.
The prominent investor said he believes the $60,000 level is an important support for Bitcoin and that it has reached a “bottom”, adding that he recently started buying Bitcoin himself.
Novogratz said he sees serious signs at the macroeconomic level that the U.S. dollar is starting to lose its status as the world’s reserve currency. Novogratz emphasized that foreign central banks are reducing their holdings of U.S. Treasuries and argued that the world is evolving toward a “no reserve currency” era. He added that this situation presents a positive long-term scenario for assets with limited supply such as Bitcoin and gold.
Novogratz also spoke optimistically about U.S. regulation, citing a meeting with Senate Majority Leader Chuck Schumer and saying passage of the Cryptocurrency Market Structure Act is imminent.
*This is not investment advice.
