{"id":124065,"date":"2020-12-02T00:00:00","date_gmt":"2020-12-01T21:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-adoption-is-the-main-key-right-now-novogratz-says\/"},"modified":"2020-12-02T00:00:00","modified_gmt":"2020-12-01T21:00:00","slug":"bitcoin-adoption-is-the-main-key-right-now-novogratz-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-adoption-is-the-main-key-right-now-novogratz-says\/","title":{"rendered":"# Bitcoin adoption is the main key right now, Novogratz says"},"content":{"rendered":"

“# Bitcoin adoption is the main key right now, Novogratz says <\/strong>”
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Mike Novogratz, CEO of financial services firm Galaxy Digital, recently expressed his usual bullish Bitcoin sentiments on CNBC\u2019s Squawk Box morning show. During the short segment, the show\u2019s interviewer asked Novogratz about Bitcoin (BTC)\u00a0in relation to gold. He noted that big players are seemingly buying crypto after selling their gold investments, with gold recently seeing an all-time high level of outflow.<\/p>\n

\u201cI think it\u2019s meaningful but it\u2019s not the real story,\u201d Novogratz said<\/a>\u00a0on Tuesday morning.\u00a0\u201cThe real story is adoption of Bitcoin, adoption of crypto, across a vast variety of accounts,\u201d he noted, going on to mention\u00a0Guggenheim’s recent interest in picking up $500 million of Grayscale\u2019s GBTC asset.<\/p>\n

“It’s just a litany of institutional investors that are changing their mind, or realizing that now is the time, there’s enough liquidity for Bitcoin to be part of it,” said Novogratz, referencing the mainstream players who have invested in Bitcoin in 2020, including billionaire hedge funder Paul Tudor Jones and Microstrategy, a business intelligence firm.<\/p>\n

\u201cIf Bitcoin was easy to buy, the price would have been a lot higher,\u201d Novogratz explained. \u201cGrayscale Trust was a very interesting way for people to get an ETF-like exposure.\u201d<\/p>\n

In contrast, gold enthusiast and known Bitcoin\u00a0skeptic Peter Schiff remains opposed to the digital asset. \u201cCNBC\u2019s excessive coverage of #Bitcoin sets a new low in financial journalism ethics,\u201d Schiff tweeted<\/a> on Tuesday. \u201cTheir constant promotion has legitimized the asset in the eyes of their audience, many of whom will buy and then be left holding the bag when the whales dump what @CNBC helped pump.\u201d <\/p>\n

Schiff’s tweet calls out CNBC’s coverage in general<\/a>. While he did not mention the segment directly, the timing of his comment seemingly lines up with the morning’s Squawk Box segment, coming shortly after Novogratz joined the show.<\/p>\n

\u201cBitcoin pumpers assured HODLers that once #Bitcoin made a new high, momentum investors would rush in to buy,\u201d Schiff tweeted<\/a> on Tuesday.<\/p>\n

\u201cThat was part of the pump to keep the little guys on board while the big guys dumped. Bitcoin made a new high, but instead of new money rushing in, old money cashed out.\u201d<\/p><\/blockquote>\n

Bitcoin broke its all-time price high\u00a0of $19,892 early Tuesday morning, briefly hitting<\/a> app<\/a>roximately $19,915 on Coinbase before\u00a0dumping more than $1,500. <\/p>\n