Galaxy Digital‘s crypto-currency investor and CEO, Michael Novogratz, gave his insight, during a recent interview, on the success of the most valuable crypto-coin, saying liquidity is one of the prime reasons for the 2020 bull run of Bitcoin. The huge amount of liquidity backed by the crypto asset was key to its success in 2020, he says.
Over the past week, Bitcoin (BTC) has seen its price rise exceeding the $10,000 mark, with many anticipating the success of the king’s coin in 2020 to be the start of the bull run anticipated before the block reward halved later in the year. At the time of writing this article, the price of Bitcoin was around $10,226.
Novogratz, in fact, was all praise for the king’s coin, remarking,
“Bitcoin is probably the best new brand of the last 11 years. $200 billion market cap for the line of code that came out 11 years ago.”
Novogratz went on to highlight how Bitcoin has “developed its own lane” and established itself as a valuable store.
The views are very close to those expressed by Zac Prince of BlockFi who had earlier claimed that the true value of Bitcoin in today’s environment is as a store of value and as an investment tool. He said more and more people are buying Bitcoin today mainly because they’re expecting to see the price increase over the next few months and make a return on their investment.
At the moment, many expect the price of Bitcoin to quickly climb above the $11,000 mark. Nonetheless, the Fear and Greed Index indicates that the prevailing market sentiment is’ greed’ at the moment, something that may cause the price to push upward.
With regard to Bitcoin, which could break its ATH by 2020, Novogratz has taken the positive approach, saying:
“We might be there literally by the havening, which is in a couple of months.”