CEO of Galaxy Digital Mike Novogratz believes that appearance of Bitcoin is caused by the financial crisis, and new financial turmoil will make 2020 the year of Bitcoin.
In connection with coronavirus pandemic and crash of financial markets, caused by it, arise suggestions that this year the world will suffer even from more serious crisis than it was in 2008. As Bitcoin` birth is related to the crash of global economy in 2008, Mike Novogratz, the founder of Galaxy Digital, thinks that current year may become crucial for the first cryptocurrency. He twitted:
“BTC will stay volatile during next several months, but financial crisis is the reason of its creation. This year may and will become the year of Bitcoin”.
Earlier this month traditional markets greatly declined and carried along cryptocurrencies — prices of BTC and altcoins experienced a serious drop. When Bitcoin rate reached a 10-month low, Novogratz expressed his opinion concerning market`s crash. Then he said that all a matter of 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.