- Novogratz still backs crypto, sounds less optimistic.
- Facebook made a mistake when called Libra a global currency.
A prominent cryptocurrency investor and a founder of Galaxy Digital Mike Novogratz has tempered his expectations, though his base-case scenario for digital assets remains bullish.
Despite the slow down, the blockchain and cryptocurrency will be eventually adopted.
“I think ambitions have been tempered a little bit by reality. I think the timing is going to take longer than people had hoped. But it’s going to happen,” he said speaking at the Reuters Global Investment Outlook 2020 Summit in New York.
He believes that cryptocurrencies will play a crucial role in our everyday life and points out to Libra project that seeks to integrate blockchain technology into existing financial services.
Read also: Mike Novogratz thinks Bitcoin could move another leg lower to USD 6,500
Notably, Libra attracted a lot of criticism from governments and regulators around the globe; however, according to Novogratz, Facebook might have spared itself a lot of troubles if it had described the project as a global payment tool instead of a global currency.
Also, Novogratz pointed out how bitcoin price jumped in response to Chinese President Xi Jinping decision to promote blockchain technology.
“He just credentialized crypto and blockchain,” he said.
Meanwhile, BTC/USD hit $10,484 high on October 26 and retreated to $9,000-$9,500 area. The first digital coin has been oscillating in this range since the beginning of November with no signs of imminent breakthrough. At the time of writing, BTC/USD is changing hands at $9,350.
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