RATE Group | Bitcoin Has ‘Pretty Much Bottomed,’ Feels Investment Expert
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Bitcoin Has ‘Pretty Much Bottomed,’ Feels Investment Expert

26 Jul Bitcoin Has ‘Pretty Much Bottomed,’ Feels Investment Expert

Posted at 01:46h in Bitcoin News by

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Popular cryptocurrency investor and trader Mike Novogratz feels that Bitcoin (BTC) 00 has bottomed. He also emphasized that custodial services and regulatory clarity are needed to bring institutional investors into the market.

‘We’ve Pretty Much Bottomed’

Speaking to the host of CNBC’s “Cryptotrader” show at Korea Blockchain Week, the Chairman and CEO of Galaxy Investment Partners, Mike Novogratz, said that he thinks Bitcoin has bottomed.

Novogratz told Ran Neu-Ner:

I think we’ve pretty much bottomed. I’m not positive we bottomed but it feels like we have. […] I do think we are building a nice bottom for the next move up.

The ex-hedge fund manager cites an increase in adoption as his reasoning for believing Bitcoin’s floor is in, explaining:

We’ve tested the downside a bunch. I see slowly but surely more adoption. There are more people at these conferences, there are more people working at the space. When I look at the private rounds, a lot of institutions are…

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