For Novogratz, the difficulty in buying Bitcoin has a negative effect on the price of the largest cryptocurrency by market value.
Galaxy Digital CEO Michael Novogratz thinks that the price of Bitcoin could be much higher if it were easier to buy. Novogratz was giving his opinion during an interview on a show called CNBC’s “Closing Bell”. According to him, people still find it difficult to buy Bitcoin, and this has a negative effect on the price of the largest cryptocurrency by market value.
They are “missing the bigger picture” pic.twitter.com/emw1xzk787
– Matt Case (@matthewryancase) May 27, 2020
Banks are missing the goal
Novogratz pointed out that resistance to Bitcoin by traditional banks has not helped the market, adding that by resisting Bitcoin, traditional banks are missing the point. That was a response to Goldman Sachs, one of the largest banks in the United States, warned its customers against buying Bitcoin.
It is true that many popular figures in the world of crypto and business have praised Bitcoin as a revolutionary innovation that should bring about a new era of better and smoother business operations, especially with regard to funds transfer. The pioneer currency also saw growing support for its growing popularity as a store of value. Among those in favor of Bitcoin are Novogratz, Jack Dorsey, Abigail Johnson and Paul Tudor.
Novogratz said that Bitcoin does not need as much validation by popular people in the financial sector for people to recognize its potential. In addition, Bitcoin is already getting a lot of attention from companies like Grayscale, a cryptocurrency asset management company that buys Bitcoin in large quantities.
Fidelity, which is another financial giant that allowed tens of millions of customers to buy Bitcoin, generating an influx of “new money” into the market. On this account, the market is optimistic for Bitcoin as institutional funding flows.
The regulatory issue
Notably, Bitcoin has its share of problems when it comes to regulatory issues. However, according to most market experts, this obstacle will finally be overcome when the authorities do not block the purchase channels and investment settings in the crypto market. In that case, Bitcoin will continue to become more popular, even if some banks avoid it.