RATE Group | Why Mike Novogratz isn’t Giving up on Bitcoin
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Why Mike Novogratz isn’t Giving up on Bitcoin

11 Dec Why Mike Novogratz isn’t Giving up on Bitcoin

Posted at 22:15h in Bitcoin News by

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mike novogratz crypto bitcoin cryptocurrency galaxy digital

Bitcoin bull Mike Novogratz — the CEO of cryptocurrency merchant bank Galaxy Digital — is unfazed by the recent bear market, saying bitcoin is “digital gold” that will survive and thrive over the long haul.

Novogratz admitted that he lost money during the 2018 slump due to bad market calls, but that doesn’t dampen his long-term outlook that crypto is a revolution whose time has come.

As CCN reported, Galaxy Digital lost $136 million during the first nine months of 2018 due to losing positions in Ether, XRP, and Bitcoin during a relentless down market. Despite this, Novogratz remains as bullish as ever about crypto, especially BTC.

‘Digital Gold’

“I do believe Bitcoin is going to be digital gold,” Novogratz told Bloomberg. “That means it’s the only one of the coins out there that gets to be a legal pyramid scheme — just like gold is.”

Novogratz said bitcoin and gold are similar because of their finite supplies. “All the gold ever mined in the…

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