There is still ‘pain’ for Bitcoin, says the billionaire, a former hedge fund manager

There is still 'pain' for Bitcoin, says the billionaire, a former hedge fund manager

Mike Novogratz, a well-known American investor and current CEO of Galaxy Investment Partners, is planned that cryptocurrencies, meanwhile, will continue to be linked to the Nasdaq.

In an interview with CNBC Squawk BoxNovogratz expressed his reflections on the current situation in the cryptocurrency sector, which is now experiencing a bearish mood in the market. Asked what he thinks will happen to Bitcoin in the future, the investor said the cryptocurrency will continue to be linked to the Nasdaq stock exchange index.

Examining where Bitcoin will be in three to four years from now and determining whether it is perhaps one of the greatest chances to buy all time or it is better to stick to cash as the opportunity to buy is still a few years away.

“Crypto is strongly associated with Nasdaq, my opinion is that over time this correlation will break down. We have already seen the beta version of the malfunction. Nasdaq fell 3%, cryptocurrencies fell 9%. But I think more pain awaits us. “

He added:

“With Nasaq we could be at 12,000, and then he’ll bounce back, and then in a few weeks we could be at 10,500.”

Big news is needed to influence the crypto market

What distinguishes the current situation from the one in Covid is that there is no large infusion of cash to encourage a V-shaped rebound.

“My instinct is that more damage can be done,” said Galaxy CEO, who focuses on investing in cryptocurrency space

In second place, Michael Santoli He said:

“People who own Bitcoin also own the technology they also own the disorder. And what you own, in addition to who else owns it and what they own, is what is currently important for markets and financial stress. ”

As things stand, Bitcoin is currently trading at $ 32,810, down 4.84% in the last 24 hours and a further 15.94% over the previous week, according to CoinMarketCap.

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