Bitcoin ‘Needs to Rally This Year’ Says Billionaire Investor Mike Novogratz

Francisco Memoria

Billionaire investor Mike Novogratz has stated during a televised interview with CNBC that bitcoin “needs to rally this year” as “this is the time for bitcoin.

The interview saw Novogratz saw bitcoin was “terrorized” earlier this month, as the price of the flagship cryptocurrency dropped from about $7,100 to less than $4,000 in a two-day period before it started recovering. At press time, BTC is trading at $6,900 after rising 2.4% in the last 24- hour period.

During the interview, Novogratz noted that “this is the time for bitcoin” as we’re currently dealing with “debasement of fiat currencies, monetization of trillions of dollars of debt” as governments throughout the world start taking unprecedented steps to shore up economies amid the coronavirus outbreak.

Per the billionaire investor, bitcoin was designed to be an alternative when central banks “run amok,” a situation many in the cryptocurrency community now believe to be occurring as the Federal Reserve committed to unlimited quantitative easing, or “QE infinity.” Novogratz said:

It needs to rally this year. If at the end of the year Bitcoin’s not a lot higher, I’m going to scratch my head and say, ‘Look, what the heck is going on?

Bloomberg reports that the GTI VERA Convergence Divergence technical indicator, which measures up and down shifts, has flashed a buy signal for BTC when the cryptocurrency hovered above the $6,000 mark.

Notogratz, as CryptoGlobe reported, recently explained why he still loves gold and bitcoin, preferring BTC to other altcoins from an investment point of view. According to the investor he loves both assets “because we’ve got too much liquidity around and we’re debasing our currency over time.”

Featured image via Unsplash.