Mike Novogratz: bullrun is a drug, that we got rid of

Recently, one of the main supporters of the cryptocurrency on wall street Mike Novogratz gave an interesting interview to Bloomberg in which he compared the current state of the stock market with “methadone therapy”. He also explained what is different from the rest of cryptocommunist.

Even if the businessman refers to the digital assets as a “religion,” he knows when to sell the crypt. According to Novogratz, the price of Bitcoin at one point was just “stupid”, so he sold almost all their BTC reserves.

What do Bitcoin and drugs

Perhaps bullrun 2017 brought some investors fabulous profit. However, in a more global scale, he was a “drug”. Wanton growth of Bitcoin has caused euphoria among the people, because they believe that it will happen forever. Novogratz described this period as a “speculative mania”.

Investors have sobered up — the drug has disappeared.

Most of the traders are prone to pessimism and fear. While the Internet is increasingly heard the rumors about the fall of Bitcoin to the scratch. Novogratz in this scenario does.

We will not fall to zero. Now the market goes through methadone.

During the interview the head of the Fund Galaxy Digital admitted that they did not expect the main drain of the cryptocurrency below $ 6,200. The blame for this sad series of events, the businessman laid on the Bitcoin Cash.

During hard forks BCH SEC suddenly decided to impose sanctions on some ICO. It is natural that such actions scared a huge number of people.

Source: Bitcoinist

What about the ICO? The prospects of crowdfunding is very vague. “The market ICO is dead,” said Novogratz. However, the SEC does not want to “kill all innovation”, so soon USA will be a separate segment of the market with adjustable security tokens.

This morning, the Bitcoin is trading at $ 3400. Daily trades are just below $ 4 billion, the capitalization of the coins exceeds 59 billion.

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