In an interview with CNBC’s Squawk Box, Novogratz stated that the Bitcoin price is now stabilizing between $30,000 and $35,000, implying that the crypto community in the United States is now surpassing despite a negative trend in Asia.
As Bitcoin (BTC) trades sideways after falling below $33,000 on Thursday, Galaxy Digital CEO Mike Novogratz offers some geopolitical insights into the sector.
The long-time Bitcoin supporter stated that China’s crackdown on the crypto industry is part of larger market concerns, stating:
“What we’re witnessing is that Asia sells it, and then the United States buys it back. China has declared war on cryptocurrency as part of this wider cold war that we are entering, and I believe we are still processing that.”
Novogratz also highlighted a probable connection in Bitcoin ownership across various portfolios, implying that some investors may be selling a portion of their crypto assets.
“If you’re a hedge fund and you’re getting pounded in your rate, equities, and oil positions, you’re going to sell some of your cryptos as well,” he said, adding that “it simply takes a while for it to build a more diverse investor base.”