Galaxy Digital CEO Michael Novogratz thinks Bitcoin’s price could be much higher if only it became easier to acquire. Novogratz was offering his opinion during an interview on a segment known as “Closing Bell” on CNBC. According to him, people are still finding it hard to buy Bitcoin, and that has had the negative effect of keeping its price lower than it should be.
— Matt Case (@matthewryancase) May 27, 2020
from @novogratz on @CNBC re @GoldmanSachs #BTC
They are “missing the bigger picture” pic.twitter.com/emw1xzk787
Banks Are Missing The Point
The popular CEO went on to point out that the resistance against Bitcoin by traditional banks hasn’t helped the market, adding that by resisting Bitcoin, traditional banks are missing the point. This was in response to a recent occurrence where Goldman Sachs, one of the biggest banks in the United States, cautioned its customers against buying Bitcoin.Â
Granted, many popular figures in the crypto and business world at large have touted Bitcoin as a revolutionary innovation that should usher in the new era of better and smoother business operations especially in regard to funds transfer. The pioneer coin has also seen growing support for its rising popularity as a viable store of value. Among those in favor of Bitcoin include Michael himself, Jack Dorsey, Abigail Johnson, and Paul Tudor.
Bullish Market
Going on, Novogratz argued that Bitcoin doesn’t need so much validation by popular people in the financial sector for people to recognize its potential. Besides that, Bitcoin is already getting a lot of attention from the likes of Grayscale, a crypto asset management firm that has been buying Bitcoin in large quantities.Â
Fidelity is another financial giant that has enabled tens of millions of customers to buy Bitcoin, driving an influx of “new money” into the market. By that account, the market is bullish for Bitcoin as institutional funding flow in.Â
The Regulatory Issue
Notably, Bitcoin has had its share of troubles when it comes to regulatory issues. However, according to most market pundits, this hurdle will finally be overcome as long as the authorities don’t block buying channels and investment setups in the crypto market. In that case, Bitcoin will continue to get more popular even as some banks shy away from it.
