The latest crypto news show that one of the most popular Bitcoin bulls is now certain that 2020 is the year of the most dominant cryptocurrency. In times when we can see a virtual lockdown amid the coronavirus pandemic, some predict that the shocks rippling though the global economy may even overcome the 2008 financial crash. Still, the Galaxy Digital founder Mike Novogratz says that this year is a make-or-break point for the cryptocurrency.
As he claimed in a tweet posted on March 22 which was published hours after the US Congress failed to reach a bipartisan agreement on a proposed $2 trillion economic support package:
“$BTC will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year.”
$btc will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year.
— Michael Novogratz (@novogratz) March 22, 2020
Earlier this month, we saw traditional markets suffering their worst blows since 1987. This plummet also mirrored in Bitcoin’s 60% drop to lows of around $3,600 on some exchanges. The Bitcoin price news today show that BTC is not that stable below $6,000. However, this is not the trajectory many expected from BTC.
And as the pandemic enters its fifth week, Mike Novogratz says that Bitcoin is going to rise higher. Ten days ago, the prominent BTC Bull also argued that Bitcoin was no less vulnerable to the impact of the frantic liquidations and said:
“[Bitcoin] was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated.”
Yet, his latest tweet now points to the potential opportunities for the cryptocurrency in the wake of a new economic crisis. In this way, Mike Novogratz says that Bitcoin was designed as a censorship resistant medium of exchange and non-inflationary unit of account – which was designed precisely as an alternative to the faltering world monetary system.
In a tweet which followed his remarks on BTC yesterday, Novogratz had appealed to a stalling Congress not to repeat the “first failure of TARP” which is the controversial bailout fund that passed in 2008 and which some consider to have left the structural weaknesses of this system almost intact.
The total market cap today is at $165 billion and we can see numerous losses on the market.
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