Bitcoin proponent Mike Novogratz believes that the fall in the value of digital currencies was the result of his flood of alarmists and losers.
Those companies and funds that collapsed in May and June were created as dubious and speculative projects that attract investment. This “bunch of jerks” undermined the reputation of BTC and altcoins as risk hedging tools.
The desire to make money as soon as possible increased speculative sentiment, and as a result, many digital ecosystems began to resemble bubbles that eventually had to collapse. This is exactly the scenario we have been seeing over the past few months, Mike Novogratz said in an interview with Bloomberg.
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At the same time, the CEO of Galaxy Digital is still positively considering the prospects of the largest digital currency. According to him, by the end of 2027, bitcoin will be able to reach $500,000.
The key driver of the long-term growth in the value of the cryptocurrency will be inflation, which has risen strongly in the United States. Bitcoin reached $24,000 the day before. However, after Tesla reported the sale of 75% of BTC, the value of the first cryptocurrency began to fall.