Is MIke Novogratz Wavering On Bitcoin?

For years now, Mike Novogratz is in the perma-bull category.

Through the recent economic crisis, Bitcoin sold off like most other assets. The flight to safety was not Bitcoin; at least so far. It is evident that, for the timing being, cash was the preferred option.

Source

Is this causing Novogratz to waver on Bitcoin?

Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of the year I think I might just hang my spurs,” he said.

https://bitcoinexchangeguide.com/galaxy-digitals-mike-novogratz-this-is-the-year-for-btc-or-i-might-hang-up-my-spurs/

This is obviously a bullish outlook. With central banks printing trillions, Novogratz feels that Bitcoin should benefit. After all, this is what the cryptocurrency was created for.

There does appear to be interest in Bitcoin. In spite of the drop in price, new players might be entering the sector.

We all remember that 2017 turned into a pretty good year for not only Bitcoin but most of the cryptocurrency sector.

After the flight to safety, what happens?

It is possible that people start to rethink their decision to load up on cash. Many do not like to keep cash on the sidelines for long. Short-term cash positions for money players are okay but, longer than that, they need to seek a return. With today's interest rates, cash does not net much.

Bitcoin could benefit from a lack of trust in the existing system. If markets continue to collapse, some of the cash might flow into Bitcoin and other cryptocurrencies. After all, it will not take a lot of money to move the market since the entire cryptocurrency sector minimal compared to the major financial markets.

As for Novogratz, this might have been a bit tongue in cheek. He has a lot invested in Bitcoin, spending years telling everyone how it was the future.

Of course, a trader can change his mind and that is what Novogratz is at heart.

Markets are all about confidence and that is waning in the traditional ones.

Will crypto benefit because of this?

We will know by the end of the year.