BIT­COIN IS A WEAPON IN PEO­PLE’S PORT­FO­LIO

AMBCrypto Weekly - - Front Page -

2020, so far, has been a good year for Bit­coin in terms of its price. The coin has ex­pe­ri­enced a huge price surge in just a few weeks’ time ris­ing from $7,000 to breach­ing $9,000. Bit­coin, at the time of writ­ing, was trad­ing at $9,355.88

In a re­cent in­ter­view, Mike Novo­gratz, for­mer Gold­man Sachs part­ner and the cur­rent head of crypto fund Galaxy Dig­i­tal was of the opin­ion that Bit­coin’s price would con­tinue to rise higher in the course 2020.

Firstly, he noted that a large amount of liq­uid­ity in the U.S. econ­omy and the de­base­ment of the U.S. dol­lar were cre­at­ing an en­vi­ron­ment that would make peo­ple re­al­ize the need for Bit­coin.

He fur­ther stated that with Bit­coin’s re­cent price surge dur­ing US-Iran ten­sions and the Coro­n­avirus out­break, he now had full con­fi­dence in Bit­coin in­vest­ment. With this, he also noted that Bit­coin had proved that it could be con­sid­ered a re­li­able al­ter­na­tive.

Fur­ther talk­ing about Bit­coin be­ing the “dig­i­tal gold”, he stated,

“It is a weapon in peo­ple’s port­fo­lio... Bit­coin is a ver­sion of gold. We call it dig­i­tal gold and we’re putting in plumb­ing all around the sys­tem to al­low more and more peo­ple to buy it so it trades much, much bet­ter.”

Although Novo­gratz did not ex­actly pre­dict the price of Bit­coin in the re­cent in­ter­view, he had pre­vi­ously sug­gested in an in­ter­view with CNN last year that he ex­pected Bit­coin’s price to strongly surge into the end of 2020 and early 2021 and reach new all-time highs.

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