As long as Bitcoin (BTC) doesn’t drop below $ 40,000, Galaxy Digital CEO Mike Novogratz won’t worry.
Novogratz tried to allay fears about the recent correction in the cryptocurrency market during an interview with CNBC on September 21.
Novogratz announced critical price levels
Even as macro markets are flooded with the case of the Chinese company Evergrande and Bitcoin has lost 10 percent since the beginning of the week, few names among the top crypto industry commentators are concerned.
Novogratz is also one of the carefree names and sees the recent price drop as a healthy correction for a market that has only been bullish for a few months.
The CEO of Galaxy Digital said that the important levels to watch closely in the near term are $ 40k for Bitcoin and $ 2,800 for Ether (ETH).
“I think the market is fine as long as it maintains these levels,” Novogratz added.
Dalio joins the debate on the “value” of Bitcoin
Some other names in the industry have been making more subdued statements in recent days.
It may interest you: Institutional investors have also increased their investments in cryptocurrencies in the last week.
Ray Dalio of Bridgewater Associates has argued that although he is himself a crypto investor, Bitcoin has “perceived” value rather than intrinsic value.
Dalio warned that regulations could still destroy the future of cryptocurrencies.
Novogratz, in his statement on the true value of Bitcoin, stated: “We can participate in philosophical discussions about what value is” and added:
“A Matisse painting can sell for $ 100 million because few people think it is worth $ 100 million. More than 150 million people around the world think that Bitcoin has value. This is enough for me. “