Mike Novogratz, CEO of Galaxy Digital, reveals the main reasons why the price of Bitcoin will continue to rise further and further.
Mike Novogratz, CEO of Galaxy Digital, says Bitcoiners should keep an eye on the gold vs. Bitcoin graph in a recent tweet.
If a leak occurs, he predicts that it could increase the price of cryptocurrency number one.
“Also pay attention to gold vs bitcoin. If that chart breaks through the barrier, it will boost bitcoin. ”
On June 1, the price of BTC rose to $ 10,429 at 23:28 UTC on the Bitstamp exchange before losing part of its earnings. It is currently trading at $ 10,098.
Another catalyst for Bitcoin
Bitcoin is considered a safe haven by investors due to its limited supply and weak correlation with other asset classes.
The BTC started trading in parallel with risky assets, such as US stocks, during the market turmoil related to the pandemic in March, but ended up surpassing them a lot in recent months.
In a separate tweet, Novogratz attributes it to civil unrest, which broke out in major US cities.
Protesters took to the streets to condemn police brutality and racial inequality after the death of black American George Floyd.
Another reason behind the demonstration may be the budgetary imbalance, devastated by the devastating blow to the economy caused by the virus.
The only way out
Meanwhile, Max Keizer suggests that the price of BTC could rise to $ 15,000 with growing speculation that U.S. President Trump could impose martial law after his speech.
This statement is permitted by the president and Congress, but Trump has not yet officially announced such a drastic measure.
Keizer also predicted that the BTC could rise to that price range in August 2019 due to the exacerbation of the U.S.-China trade war.