Novogratz says banking crisis has made bitcoin community “incredibly resilient”
On the morning of March 30, the price of the main cryptocurrency reached $29,184, according to Binance data. This corresponds to the level of June last year.
Then the bitcoin rate corrected, and now BTC is trading at about $28,500. Analysts note that over the past 30 days, the price of the first crypto coin has increased by 23%.
On the monthly timeframe, the bitcoin rate has been growing for the third period in a row. BTC shows the best dynamics when compared with conservative financial instruments.
According to the head of Galaxy Digital, Mike Novogratz, the banking crisis in the United States turned out to be an “adrenaline rush” for crypto assets and gave the BTC community “incredible resilience.” The entrepreneur believes that the rally of the first digital coin was a confirmation of the expediency of its creation against the backdrop of a crisis economy in the United States.
“Satoshi Nakamoto was worried back in 2009 about the collapse of the financial system […]. Bitcoin is the first decentralized store of value. There is nothing like a banking crisis in the states […] to remind us that our systems are fragile. We have been in a debt bacchanalia, feeding on cheap money for years,” said the CEO of Galaxy Digital.
He also criticized the policy of US regulators, pointing to the decrease in uncertainty in various jurisdictions, such as Hong Kong. According to Novogratz, the authorities should be wary of artificial intelligence, not crypto assets.
“When I look at the development of AI, I am shocked. We talk so much about the regulation of cryptocurrencies, but we never touch on the regulation of AI. I mean that the authorities have turned everything upside down and are inadequate in these areas,” the entrepreneur said.
And Mark Yusko, who heads Morgan Creek Capital, is confident that all countries will come to accept bitcoin anyway. He also noted that the existing payment infrastructure will be transformed, however, state digital currencies will not be able to take leadership in the financial market. On the contrary, they will push citizens to realize the potential of cryptocurrencies.
