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Is this the beginning of the end or the end of the meltdown?
Uncertainties surround the crypto industry as the ongoing crypto meltdown lingers. Bitcoin, for example, has fallen by 75 percent merely in 2018. This has sprouted up fears and concerns among crypto enthusiasts who are yet confused as to the sustenance of the supposed holy grail of the future market.
Many are of the belief that this could be the end of Bitcoin and the crypto craze but one of the most prominent crypto figures, Michael Novogratz, predicts otherwise. Novogratz recently opined that we have seen the worst of the crypto meltdown saga and that the price of Bitcoin will not fall below its current value; instead, it will settle between 3,000 USD and 6,000 USD in the near future. Bitcoin price was valued at $3,525 as of December 17, 2018.
According to Novogratz, Goldman Sachs Partner and a former major hedge fund manager, the crypto market was in a bubble which has popped, but that is the worst it can be. Amidst the turbulent crypto meltdown, Novogratz has maintained his unwavering faith in Bitcoin, proclaiming it as the digital store of wealth. This comes as a little ray of hope as Novogratz once predicted in September 2017 that the price of Bitcoin would hit 10,000 USD and continue rising. This was an incredible thing to say as at the time but the prediction came to be true in no time.
Novogratz, one of Bitcoin early adopters who also own a giant crypto firm – Galaxy Digital Holdings Ltd. – has since then earned a reputable position in the crypto verse.
Commenting on the macro market, of which he is a big player too, Novogratz stated that the recent happenings in the digital market have made it less fun, invariably, making the macro market more interesting. He added that the macro market was quite boring for a long period of time and its counterpart, the crypto market, has been really exciting. With the crypto ‘fork’ and meltdown, he asserted that we are entering a cool era for macro.
He also, however, assured the public of his unwavering faith in Bitcoin as a digital store of wealth. He argued that Bitcoin is a mania built on something real and that he is sure of a digital store of wealth in the future market and he thinks it will be Bitcoin.