Current Bitcoin Price Rally Could Have ‘Real Legs’ — Novogratz

Galaxy Digital CEO Mike Novogratz says that Bitcoin’s 2019 rally could have “real legs” given today’s turbulent macroeconomic and geopolitical landscape. 

In a tweet posted on Aug. 5, Novgoratz remarked that:

“With the yuan over 7.0, an FX war, instability in HKG and the beginnings of capital flight, $Btc rally could have real legs.”

‘May you live in interesting times’

Amid a protracted trade war with the United States, China has this week redoubled its own antagonistic policies in response to recent fresh tariff threats from U.S. President Donald Trump: first, by allowing the yuan to sink to its lowest levels in almost a decade and second, by demanding that all state-owned firms suspend imports of U.S. agricultural products.

In response, stocks and currencies from emerging markets teetered, while safe-haven assets such as the Japanese yen, U.S. Treasuries and gold saw an uptick, as Bloomberg has reported. 

The bookies are meanwhile raising their bets on more…