Bitcoin will increase much higher according to Novograms, here is the reason

Bitcoin will increase much higher according to Novograms, here is the reason

Mike Novogratz-the CEO of Galaxy Digital-said that China's less hostile attitude towards the crypto industry could be a reason for Bitcoin's possible price increase in the coming months.

The Hong Kong subsidiaries of some leading Chinese banks recently offered their services to local cryptocurrency companies.

The bullish forecast of Novogram

The American investor believes could trigger another price rally for the cryptocurrency market. On the one hand, he argued that "all the necessary sales were made".

remember that the countless negative events in the industry last year, including the Terra crash, the 3ac bankrupt Data press-spaces = "True"> The FTX nucleus melts hindered the interest of investors and caused many people to separate themselves from their stocks.

Another interest bully indicator could be the positive winds from China. Beijing recently gave the green light for the crypto developments in Hong Kong, while the Bank of China, the Bank of Communications and the Shanghai Pudong Development Bank have already started Data Preserver-Spaces = "True"> Span Data Preserver-Spaces = "True"> for digital assets.

Novogratz believes that the cryptoma market could increase "considerably" in the following months if the trend remains the same. He also predicted that Bitcoin could reach $ 30,000 by the end of this month.

While he emphasized the efforts of the Chinese banks, the businessman regretted that the American supervisory authorities recently drawn the loop around the crypto universe:

"It is not good for America's chance to lead this industry. It pushes people abroad, and that's why we fight back."

At the beginning of this week, the US CFTC, on the other hand, submitted a lawsuit a lawsuit a Binance due to alleged violation of trade regulations. Before that, the Sec probed octopus about a possible sale of non-registered securities.

Refuse Steve Hanke

The prominent economist and well-known critics of the crypto industry-Steve Hanke-recently made another attempt and described Bitcoin as "a highly speculative asset, no currency". He added that he lacks stability and that it could be used for fraud while the purchase was "a game of fools".

Novogratz contradicted the comments and asked Hanke to look at BTC's performance in the past two to three years as "it was safer" as the stocks of the banking giant-JPMorgan Chase & Co-and the technology-giant-Google.

Steve has exceeded all assets since the beginning of the year, over 2 years and 3 years with a risk -clear weighting (Sharpe ratio). It was safer than JPM and Google. Perform the numbers yourself. https://t.co/ua15xaouto

- Mike Novogratz (@Novogratz) 28. March 2023

.