Reserve

Galaxy

Bitcoin

The CEO of Galaxy Digital, Mike Novogratz remains bullish on Bitcoin as the US Federal Reserve is going to cut rates.&nbsp;&nbsp;&nbsp;
Bitcoin, the big cheese of the crypto market has sought the attention of investors and traders for its wild price swings, offering opportunities and risks. Recently, Mike Novogratz, the CEO of Galaxy Digital, explained the reasons behind his bullish behavior on Bitcoin (BTC). He is hopeful about the US Federal Reserve cutting interest rates.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h2 class="wp-block-heading" id="strong-why-mike-novogratz-is-bullish-on-bitcoin-strong">Why Mike Novogratz Is Bullish On Bitcoin</h2>
On April 9, 2024, Mike Novogratz took to the X platform to express his views and exciting information on Bitcoin.
<blockquote class="twitter-tweet">
 Call me crazy but I don’t see one good reason for the fed to cut rates. Yet think they will. It’s a great set up for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>, gold, silver, copper. It’s not a great set up for the USA though. We need a politician who will cut spending dramatically! Sound of silence…— Mike Novogratz (@novogratz) <a href="https://twitter.com/novogratz/status/1777483185430929572?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 8, 2024</a>
</blockquote>
Novogratz is bullish on BTC and despite his doubts, he thinks that the U.S. <a href="https://www.thecoinrepublic.com/2024/04/04/jerome-powell-and-rate-cuts-will-the-fed-start-cutting-rates/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve</a> is likely to reduce interest rates soon. He expressed his optimistic outlook for BTC and precious metals amidst these economic conditions in a recent social media post.
Additionally, he also expressed his concern about the U.S. federal funds deficit. However, he is optimistic about the future of cryptocurrency. In a previous prediction, Novogratz stated that BTC could exceed $100,000 by 2024, mentioning the increasing popularity of Bitcoin ETFs as the reason for this potential growth.
A Reuters report suggests that the possibility of the U.S. Federal Reserve cutting interest rates multiple times this year is decreasing. Current economic indicators showcase a strong U.S. economy, which may influence the Federal Reserve’s policy decisions.
The CEO also highlighted BTC’s appeal as a safe haven digital asset, seeking the attention of investors and traders. Last April, he predicted BTC in a ‘sweet spot’ if the Federal Reserve starts cutting interest rates again.&nbsp;
Furthermore, Arthur Hayes, former CEO of BitMEX warned about the potential post-halving plunge in Bitcoin’s price.&nbsp;&nbsp;
Moreover, the upcoming BTC halving events will reduce the mining rewards by half, and enhance concerns for miners including high-level competition and low-profit margins.&nbsp;&nbsp;
<h2 class="wp-block-heading" id="strong-bitcoin-price-action-strong">Bitcoin Price Action&nbsp;</h2>
As per the CoinMarketCap data, BTC’s current price is $70,825.68, a drop of 2.11% in the past 24 hours with a market cap of $1,393,466,100,963. The 24-hour volume of BTC is $34,713,550,103.
The digital asset hit its all-time of $73,750.07 on March 14, 2024, and recorded an all-time low of $0.04865 on July 15, 2010. BTC has a maximum supply of 21,000,000 and a circulating supply of 19,677,700.

Mike Novogratz Explained Reasons For Bullishness On Bitcoin

Mục lục

Thecoinrepublic.com

Các bài viết khác được xuất bản trên 9 thg 4, 2024

BlockDAG Leading Crypto Investments for 20,000x ROI Future Gains, HBAR, and Borroe Finance

Bitcoin’s Lightning Network Faces Skepticism, New AI Altcoin Set to Outpace Bittensor

Ethereum Price Poised Hit $4000 This Week Riding On This Major Factor

6 Solana-Based Meme Coins To Buy To Turn $5,000 Into $50,000 In April

In 2024, Buying xuirin finance (xuirin) Will Be More Profitable Than Investing in Shiba Inu (Shib)

Analyst predicts Bitcoin to hit $150k by 2025, uptick in Microstrategy stock

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!