Famous Bitcoin Bull Investor Thinks Coin Could See New Lows


The price of the largest cryptocurrency by market capitalization saw many signs of slowing down its massive growth as of recent. After a plunge in the pricing of most of the popular cryptocurrencies, Michael Novogratz, one of bitcoins largest bull investors, stated that he has halted plans to begin a cryptocurrency based hedge fund because he thinks the price may continue to drop. Wall Street has been gearing up in recent times to get into the digital asset market, but this could potentially slow it down for some time to come.

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Bitcoin has fallen in price for six straight days, which is the longest losing streak since the crash of September following Chinese regulation. Novogratz, who wad the head at a macro fund named Fortress, has been planning to unveil a $500 million cryptocurrency fund named Galaxy. He has been quite open about his opinion that cryptocurrency is a bubble, but he also stated that he has a price target for the coin to reach $40,000 which is incredibly optimistic. The fund was planned to launch as soon as December 15th, but Novogratz called his clients to tell them that he changed his mind about unveiling it that soon.

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He has yet to decline the fact that digital assets are something that have a large amount of potential, but there are a large amount of challenges before widespread adoption can occur. Cryptocurrency exchanges have notably been involved in many criminal activities and have been subject to hacking or other illegitimate activity. This has swayed a large amount of investors from getting involved. The hopes are high that this industry can begin to slow down in its instability, and provide investors with a smart way to use such a groundbreaking new technology.


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