The chief executive officer of Galaxy Digital shared his thoughts on the current situation of the market price of Bitcoin and its demand in the critical geopolitical environment.
Bitcoin showed significant correction and also a significant recovery in its price in the last 3 months. The main traction for Bitcoin and crypto surged after the Russia vs Ukraine war. On one hand, the Russia vs Ukraine war resulted in a big correction for Bitcoin, on the other hand, Bitcoin grabbed a better recovery for the same reason.
On the Q4 earnings call report, Mike Novogratz, CEO of Galaxy Digital, commented on the ups and downs of Bitcoin in recent months and hinted that they will continuously remain active in the Bitcoin & crypto industry.
Mike asserted that interest in Bitcoin from the institutional and public interest is continuously increasing as per expectation and that is making Bitcoin hit its previous 2022 price to cross again.
“I had said originally, I thought this would be a rangy year, $30,000 to $50,000 in Bitcoin and whatnot.”
Mike also said that he was earlier not much constructive on this bitcoin adoption and investment cycle but he is now much more confident because currently Web3 & Metaverse-like projects are pumping the traction for this industry and this is further making more people think about investing in Bitcoin.
“The innovation we’re seeing in Web3 and the metaverse space, I’ve gotten more constructive than I was at the beginning of the year.”
Mike also dragged on the Russia vs Ukraine war and noted that financial sanctions on Russia and invasions on Ukraine by the Russian military may change the point of view of people toward cryptocurrencies. Confirmed that all these things are gonna pump the adoption of this industry.
“This has been a year of push-pulling crypto with macro headwinds and adoption tailwinds… Part of its story (involves) when Europe and the US told Russia.”
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