- Mike Novogratz, has said that Bitcoin(BTC) and Ethereum (ETH) are the two finest financial assets that one can invest in for three years plus when considering risk.
- There is a decline in the number of Bitcoin and Ethereum coins stored on exchanges.
In a recent interview by CNBC, Mike Novogratz, the founder and chief executive officer of Galaxy Digital, stated that Bitcoin(BTC) and Ethereum (ETH) are the two finest financial assets that one can invest in for three years plus when considering risk.
"At a risk-adjusted bases #Bitcoin and #Etherium are the two best assets to invest in over 2 years, 3 years, 6 months," says @novogratz on #crypto. "Volatility-adjusted it's been a much better bet than $JPM." pic.twitter.com/MHGpFCmqtw
— Squawk Box (@SquawkCNBC) June 1, 2023
Considering the volatility experienced recently by both Ethereum and Bitcoin, Novragz remains bullish on both currencies. He claims that Bitcoin’s fluctuation has dramatically decreased over the previous few months.
According to our data, in recent days, the volatility of Bitcoin has decreased. However, it is still high compared with most other assets. Although it still hasn’t surpassed its all-time high recorded in November 2021.
When the digital asset’s unpredictable nature is considered, Novogratz believes that BTC is a far better investment than JPMorgan stock. The CNBC host had earlier stated that before investing in the emerging market, consumers should be aware of the hazards involved with cryptos. The Bitcoin maximalist responded by announcing this.
Novogratz Vocal Support for Bitcoin and Predictions Amidst Market Volatility
This isn’t the first time Galaxy Digital’s founder has been so vocal about Bitcoin. He has consistently expressed positive predictions for the top asset category. On one occasion, he forecasted that the value of Bitcoin would reach $500,000 by 2024. Recently Cryptocurrency prices experienced a substantial decline. This was mainly caused by the FTX scandal and the Federal Reserve’s attempt to curb inflation. During this period, Novogratz said that Bitcoin end of year price would be at about $30,000.
Additionally, in April, Novogratz forecasted that the US economy would soon experience a severe economic collapse, contributing to the compelling investment proposition of Bitcoin. He also asserted that the Federal Reserve’s ruthless tightening policies and the failure of Silicon Valley Bank highlighted Bitcoin’s usefulness as an appropriate replacement for the current fiat system.
BTC & ETH Price Analysis
According to a report by Santiment, there is a decline in the number of Bitcoin and Ethereum coins stored on exchanges. Suggesting possible growth prospects for both cryptocurrencies in the near future. Notably, this year has seen significant price gains for Bitcoin and Ethereum. Ethereum has had a year-to-date (YTD) increase of 55.8%, while Bitcoin has witnessed a YTD rise of 62.8%.
For the past few weeks, there has been a persistent struggle between buyers and sellers in the Bitcoin market. The price of Bitcoin has been hovering either slightly above or below the $27,000 mark. Both sides, buyers, and sellers, have been actively attempting to influence the overall momentum of Bitcoin. As of the current writing, Bitcoin is trading above the $27,000 level.
In the past 24 hours, Ethereum has exhibited stronger performance compared to Bitcoin. The price of Ethereum has surpassed $1900, indicating a bullish trend in its overall momentum, with a 0.60% increase in the last 24 hours.
