.novogratz believes that institutional money will save Bitcoin from plunging significantly lower
The crypto mogul believes that this is just a healthy pullback after the crypto market recorded stellar gains in 2021.
Despite his net worth taking a significant hit, the billionaire says that he is not worried about the performance of the top cryptocurrency in the medium-term due to strong institutional demand:The Galaxy Digital CEO expects to see more volatility in the coming weeks. Prior to that, Novogratz said that he was bearish on Bitcoin in the near term due to weakness in the stock market, but he also claimed that the largest cryptocurrency was unlikely to drop below the make-it-or-break-it $40,000 level.
Bitcoin and stocks got clobbered on Thursday in minutes when the Federal Reserve struck an unexpectedly hawkish tone. Multiple U.S. rate hikes are now on the table this year in order to fight out-of-control inflation., a major Bitcoin mining hub, that led to a sizeable dip in the hashrate of the Bitcoin network.
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