The founder and CEO of Galaxy Digital, Mike Novogratz, has opined that the $14K target for Bitcoin will be achieved sooner than expected.
Novogratz, an ex-hedge fund manager, ranked as a billionaire in 2008 according to Forbes, together with Raoul Pal, Co-founder and CEO of Real Vision Group featured in a recent edition of the Unchained podcast to discuss the reasons behind the slow adoption which is possibly a barrier to the rise in the price of the cryptocurrency giant (BTC) which has refused to grow beyond $10K.
Although analysts and experts already envisaged that year 2020 will birth great opportunities for Bitcoin. Despite the hope that the 3rd halving will thrust BTC price, cryptocurrency has failed to live up to its billings.
However, many have traced the somewhat moribund and discouraging nature of Bitcoin’s price trend to the black despondency of 2020. The current global economic cease is considered a major hindrance to Bitcoin and the entire crypto market’s growth.
Even though the adoption story of the pioneer cryptocurrency has been quite positive over the past few years, experts think is not enough. In the same manner, Novogratz pointed out that slow adoption will remain a limitation for Bitcoin.
Novogratz in his words explained that many crypto enthusiasts believed that halving would speed up the rise in the price of Bitcoin, but in reality, it’s effect at this point seems insignificant.
Speaking further, Novogratz highlighted the cash crunch that was enjoyed earlier this year by crypto traders and investors. He mentioned that cash will continue to be the “first-instinct” as a safe-haven.
Unlike the previous years, there has been a massive drop in Bitcoin’s volatility after halving. In his explanation on the price of Bitcoin which has remained below $10K, Raoul Pal opined that everyone is yielding positively out of storing BTC.
He went further to explain that the rising time for the price of Bitcoin is yet to come and that selling upside volatility will be one of the strategies in the financial markets, hence a lot of selling advocacy is currently happening.
Novogratz however remarked that by the time Bitcoin price increases beyond $10, 000 or $10, 200, it will hit $14,000 sooner than people’s expectations.