Mike Novogratz: Bitcoin Has Nowhere To Go But Up, In Spite Of Having Another $6,700 Of Room To Go Down

It’s science.
Author:
Updated:
Original:

A bitcoin is still “worth” about $6,700. On its face, this means that the fake currency has another $6,700 or so to fall before hitting rock bottom. This is wrong, according to former Fortress Investment Group executive Mike Novogratz. In fact, hisbelovedbitcoin has now proven it mathematically cannot drop below $6,000, and could “easily” be worth seven times that by Christmas. Wanna fight him over it?

NovogratzFire

Bitcoin experienced a “classic speculative global mania” in 2016-2017 but is now on the upswing because the market has hit “seller fatigue,” Novogratz said at Yahoo Finance’s second annual “All Markets Summit.”

Novogratz said that Galaxy Digital’s cryptocurrency index showed a “classic bottom” in the market, with a selloff of more than 85 percent from its peak….

“Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value,” Novogratz said.

Unlike that established store of value, Novogratz is a little more wary of the boom in pot stocks. I mean, without something tangible like revenue, how can they be worth anything?

"The prices of cannabis stocks today feel like bitcoin and ethereum did in December of last year," Novogratz, a closely bitcoin evangelist, said Thursday at the Yahoo Finance All Markets Summit….

"The companies trade up to $28 billion on almost no revenue," he said. "If I was long them, I'd sell them and if you're a speculator, I'd get short them."

Crytocurrency has hit bottom, bitcoin due for renaissance: Novogratz [Reuters]
Wall Street’s crypto guru says pot stocks feel like bitcoin last year – so he’s shorting them [CNBC]

Related

NovogratzFire

Mike Novogratz Totally Knew Bitcoin Would Lose Money. Just Not, Like, Quite This Much Money.

Also, he’s not the Messiah. He’s just a very disappointed boy.

NovogratzFire

Mike Novogratz Is Losing Faith

His beloved fake money isn’t appreciating as fast as he’d hoped.

NovogratzFire

Mike Novogratz Creates Giving Pledge For Bitcoin

He’ll never have to make good on it, of course, but it’s a fun rhetorical and imaginary game to play.

(Getty Images)

Bitcoin Recovery Short-Circuited By Continuing Failure Of Two Very Tall Men

The Winklevii may yet kill that which they claim to love.