Mike Novogratz: Banks, Tech Giants And Portfolios Lined Up Waiting To Buy Bitcoin
Bitcoin has come of age and proven itself as an asset class, says billionaire investor Mike Novogratz.
Galaxy Investment Partners’ CEO Mike Novogratz claims all banks tech giants and portfolios are waiting to get into the space, thanks to corporations and institutional investors legitimising it.
Novogratz was speaking on CNBC as Bitcoin hit its new all-time high of $61,768 at the weekend, before dumping to $54,269 earlier today.
However, the former Goldman’s hedge fund manager is unfazed by any drawbacks, and prefers to focus on the fundamentals and the fact that retail drove the price up to its new ATH.
Corporations Have Legitimized Bitcoin As Asset Class, Says Mike Novogratz
‘In the last three months, we’ve had this secular shift where Bitcoin has become an asset. It’s not maybe, it’s not it might be, it’s now an asset class,’ determined Novo.
And the former Goldman hedge fund manager demanded that a wall of money was coming into the space as every major tech company, bank and money portfolio was looking to enter the space.
‘Cryptocurrency is an asset class. Every bank is moving in, every tech company is moving in, and all portfolios are starting to move in,’ said Novogratz. ‘So if you’re not long you’re short. Every dip there’re institutional buyers lined up to buy this thing.’
New All-Time High Was Driven By Retail
Mike Novogratz was asked whether institutions had driven the price up, but the billionaire investor said it had been triggered solely by retail and the fact that more stimulus checks were on their way, more retail would be buying Bitcoin.
‘The stimulus checks are coming,’ said Novogratz. ‘People are excited about that. A lot of the stimulus checks are going to young people who want to buy bitcoin. This weekend was retail. What happens on the weekend is retail gets excited.’
Data analysis firm CryptoQuant backs up Mike Novogratz’ claim. According to the CryptoQuant CEO, the Coinbase Premium Index – a metric that follows institutional purchases on the exchange, showed no signs of more purchases by large investors, and that the big purchases all came from stablecoins.
Is it a coincidence that a retail led rally coincided with the stimulus checks first being distributed? It’s a $1.9 trillion relief bill, with an estimate $500 billion of that going to stimulus checks, it’s little wonder Bitcoin saw a pump on its first weekend.
Bitcoin Is Proving Everyone Wrong
Even the most ardent Bitcoin maximalist’s first perception of Bitcoin is its not even worth a second thought, at best. But the more you research and learn about it, the more of a maximalist you become.
And that’s what’s happening to corporate America. Look at MicroStrategy CEO, Michael Saylor – arguably Bitcoin’s biggest maximalist today, he wrote it off years ago and didn’t even think about it for many years.
The same thing is happening around the world as more companies discover it as the best hedge against the fiat ponzi scheme. The thing is they better hurry up before retail takes it to even higher highs.
Pablo is a writer at Bitcoin Maximalist. Originally from Spain, Pablo grew up in the UK, and loves clubbing and gaming. Pablo is a keen Bitcoiner and loves to share his wisdom to help spread the good news of Bitcoin.