Mike Novogratz, founder and CEO of Galaxy Digital, thinks institutional investors are helping to fuel the latest Bitcoin bull run.
In today’s BBC World News interview, Novogratz said governments around the world are printing money and “debasing fiat money” was driving the recent Bitcoin bull market, however the bigger story could be institutional players moving into crypto. Novogratz said that in the last three years, big corporations have changed their crypto tuning, possibly impacting the supply of available coins.
Novogratz has changed his mind as to what percentage of their portfolios holders could be committed to Bitcoin. Before November, Galaxy Digital CEO said that Bitcoiners were expected to spend up to 3% in BTC and HODL for five years. However, last month, he recommended that new investors bring 5 percent into BTC because “Bitcoin’s not going back to zero.”
For the first time in 2020, several large organizations entered the crypto space. MicroStrategy, a market intelligence company, revealed that it had bought $425 million in BTC, an investment currently worth more than $1.2 billion, and then acquired the dip to add BTC $650 million to its shares. MassMutual, a Massachusetts-based insurance company, bought $100 million from BTC for its general investment account in December.The price of Bitcoin was $33,727 at the time of publication, having increased by 6 percent in the last 24 hours. Since crossing $34,700 earlier today, this brings the crypto asset within sight of a new all-time high.
