For Mike Novogratz bitcoin will win the regulatory battle

Michael Novogratz is one of the few early Bitcoin investors. In a final interview, the CEO reiterated his confidence in BTC and its ability to pass the regulatory framework.

Mike Novogratz: the maverick of bitcoin

Despite the unfavorable macroeconomic scenario, Mike Novogratz expects Bitcoin to eventually be acceptable to regulators. Speaking to CNBC on Tuesday, the investor recalled the comparison of bitcoin with gold. Joe Kernen asked him about the time when BTC had almost the same price as gold. Bitcoin is still at the $19,000 level while gold is still at $1,600. Reacting to this, Novogratz said people are buying these assets to fight inflation. He added that both gold and BTC could benefit if the current macro trend reverses.

“Over the long term, gold will win and bitcoin will win if central bankers and governments reverse interest rate hikes.”

Mike Novogratz has always maintained that accumulating bitcoins over the long term could pay rich dividends. Meanwhile, BTC is showing disappointing trends with continued price declines. In the past three months, the major cryptocurrency has fallen below $20,000 five times. As of this writing, the price of BTC stands at $18,978.41, down 1.98% in the last 24 hours, according to CoinMarketCap. The share of market value among major cryptocurrencies has seen a huge shift over the past few months. From a recent high of around 48% in June, bitcoin’s dominance in the crypto space is currently down to 41%.

No big push for BTC in the near future?

Recently, Novogratz stated that BTC will not experience a short-term price rally, due to the slowdown in institutional fund flows. However, existing institutional investors in bitcoin will not pull out due to weak demand, he added at the time.

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