Mike Novogratz Confused about Recent Altcoin Rally

Mike Novogratz, a former ex-hedge fund manager, is questioning the recent strong gains recorded by Bitcoin SV (BSV), especially as the cryptocurrency soared 100% this week.

Novogratz asked his twitter followers about the logical reasons behind such robust gains, promising to offer dinner in New York for whoever can offer the best justification.

“The altcoins have practically zero liquidity, which means that it takes comparatively little money to significantly move their prices,” said Bitcoin enthusiast Saifedean Ammous.

Dave Balter, chief executive of Mylestoned, said this rise may be due to Visa Company’s recent acquisition of the leading financial services provider Plaid. The deal allows customers to connect their banking data to different apps. In addition’s Visa’s CEO said both parties intend to invest in the crypto market.

Although Novogratz does not know the real reasons behind the recent surge of altcoins, he felt more optimistic about Bitcoin’s performance due to the political crisis between Iran and the US.

Early this month, US President Trump ordered a strike near the Baghdad airport, which led to killing Iranian General Qasem Soleimani. Iran, in return, has fired a missile strike on a US base in Iraq.

Novogratz, who was ranked a billionaire by Forbes in 2007 and 2008, had forecasted the Bitcoin to soar above $12,000 by the end of 2020.

Share this page
Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.