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Michael Novogratz: 2020 will be the year of Bitcoin

Tuesday, 24 March 2020

Galaxy Digital CEO Mike Novogratz believes that the emergence of Bitcoin is caused by the financial crisis, and due to new financial turmoil, 2020 will be the year of Bitcoin.

The coronavirus pandemic and the resulting collapse of financial markets suggest that this year the world will experience an even more serious financial crisis than in 2008. Since the emergence of Bitcoin was associated with the collapse of the global economy in 2008, Galaxy Digital founder Michael Novogratz believes this year could be a watershed year for Bitcoin.

"BTC will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC's year,"
he tweeted.

$btc will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year.
— Michael Novogratz (@novogratz) March 22, 2020

Earlier this month, traditional markets plummeted and carried away cryptocurrencies - the prices of Bitcoin and other cryptocurrencies experienced a serious drop. When the price of BTC reached a 10-month low in the middle of the month, Novogratz expressed his opinion on the market decline. Then he said that the whole point was the lack of confidence in Bitcoin.

In a recent conversation with Anthony Pompliano, Galaxy Digital CEO said that a global recession will slow the spread of cryptocurrencies by 12-18 months. He noted that due to the unfavorable economic situation in the world, people are forced to sell assets that they would otherwise hold for the long term.

A similar view was expressed by researchers at Fundstrat Global Advisors. According to them, Bitcoin may take several months to fully recover from the recent crash.