Galaxy digital founder Mike Novogratz believes that investors should invest up to 3 percent of their portfolios in cryptocurrencies. However, he now stated that we should all get ‘’real nervous’’ if they observe the bitcoin price plunging below the key level as per the coming altcoin news.
The Galaxy digital founder and crypto bull told CNBC that he does not expect to see bitcoin going below $5,000 again and he also expects a growth in fear if it unexpectedly begins to slide towards that level. He stated:
‘’I think if it goes below $8,500, I’ll get nervous. If it goes below $6,000, I’ll get real nervous,” said Novogratz.’’
This could be one of the reasons why he still keeps 7 percent of his assets in physical gold even when other major players like Greyscale implore investors to give up on gold entirely. The statement was followed by a slight off-the-mark prediction made by Novogratz back in June. The investor also predicted that Bitcoin could consolidate in a range between $10,000 and $14,000. However, the cryptocurrency reached a price below the $10,000 price point a week after he issued his forecast. Somewhere in the middle of July, the price established a new month-to-date low of $9,071 on the major crypto exchange Coinbase. Mike Novogratz could not have foreseen the negative catalyst that brought the price of the altcoin to that position.
With the attack on Bitcoin by the United States President Donald Trump and the comments made by the Treasury Secretary Steven Mnuchin calling cryptocurrencies a national threat, could have something to do with the price fluctuations. On the other hand, the Congress praised bitcoin after it trashed Facebook for its attempt to launch its own cryptocurrency. The senator Mike Crapo admitted that the government of the United States could not stop the bitcoin protocol:
‘’If the United States were to decide, and I’m not saying it should, if the United States decided we didn’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation.’’
As reported in the latest cryptocurrency news, Novogratz stated that banning bitcoin is not necessary as long as it competes with gold and not the US dollar.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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