Novogratz: Bitcoin acceptance is the real key

Novogratz: Bitcoin acceptance is the real key

Peter Schiff seems to disagree and criticised Bitcoin several times in the last 24 hours.

Mike Novogratz, CEO of financial services provider Galaxy Digital, recently expressed his usual optimism about Bitcoin in the CBNC morning show Squawk Box. The programme’s interviewer asked Novogratz about Bitcoin (BTC) in comparison to Gold. He noted that the major players Bitcoin Up reviews would apparently buy crypto after selling their gold holdings. Gold has also recently seen a record outflow.

„I think this is significant, but that is not the real reason,“ Novogratz said on Tuesday. „The real reason is the acceptance of Bitcoin, the acceptance of crypto, across all kinds of accounts,“ he continued. He also mentioned that Guggenheim recently expressed interest in investing $500 million in Grayscale’s GBTC.

„Very many institutional investors are changing their minds or realising that now is the time and there is enough liquidity to bring Bitcoin on board,“ Novogratz said. He alluded to the fact that several big names have invested in Bitcoin in 2020, including billionaire Paul Tudor Jones and the business information company Microstrategy.

„If Bitcoin was easy to buy, the price would have been much higher,“ Novogratz explained. „Grayscale Trust was a very interesting opportunity for people who wanted an ETF-like product“.

In contrast, gold supporter and well-known Bitcoin sceptic Peter Schiff continues to oppose the digital asset. „CNBC’s excessive coverage of #Bitcoin is a new low in the ethics of financial journalism,“ Schiff twittered on Tuesday. „Their end-to-end advertising has legitimised the asset in the eyes of their viewers.

Many will buy because of @CNBC and then lose their money when the whales sell

Schiff in his tweet criticised CNBC’s coverage in general. Although he did not mention the programme directly, the time he published his commentary coincides with the airtime of the programme Squawk Box, shortly after Novogratz’s appearance.

„Bitcoin pumpers assured HODLers that investors would buy when #Bitcoin reached a new high,“ Schiff twittered on Tuesday.

„That was part of the pump to keep the little guys on board so the big guys could sell well. Bitcoin reached a new high, but instead of new money coming in, only old money was paid out.“

Bitcoin broke its all-time high of $19,892 on Tuesday, briefly reaching around $19,915 on Coinbase. Shortly afterwards it collapsed by more than 1,500 US dollars.

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