Michael Novogratz: Bitcoin Not Going Through $30,000 Anytime Soon

Michael Novogratz, the founder of Galaxy Digital, believes that Bitcoin will remain range-bound for a while and not move past $30,000 anytime soon. Also, there are no significant inflows of institutional capital into space. Bitcoin To Remain In Its Current Range The founder of Galaxy Digital, Michael Novogratz, said “Will Bitcoin get through $30,000 on this move up? We will see – I’m doubtful. I think we’re going to probably be in this range now. I quite frankly would be happy if we’re in a $20,000, $22,000, or $30,000 range for a while. We’re not seeing huge institutional flows, to be fair, but we’re not seeing anyone back away.” Michael believes that Bitcoin will stay in its current price range for a while and hasn’t been any major inflow of institutional money. Moreover, he expects Ethereum will reach $2,200 or even higher due to the latest momentum. The software upgrade which led to The Merge also contributes to this factor. He stated that he does not see “that mania reigniting” that the world saw in 2021 or 2017 after reviewing the Federal Reserve tightening rates. Loss Of Over $500 Million In The 2nd Quarter On August 8, Galaxy Digital revealed that it faced a loss of $554 million for the second quarter of this year, which is triple the last year’s quarter’s loss. The loss is a result of the downfall in crypto asset prices. “We remain in a strong position to weather prolonged volatility, and to take advantage of strategi...