Mike Novogratz believes Bitcoin's bullish surge ahead as BlackRock CEO embraces the crypto: Report
1 min read 01 Aug 2023, 09:41 AM ISTAccording to Novogratz, the most significant event to have occurred in Bitcoin this year was Larry Fink, chief executive officer of BlackRock Inc, said bloomberg in its news report.
PremiumAs Bitcoin surges after a year of scandals and losses in the cryptocurrency business, Mike Novogratz, the CEO of Galaxy Investment Partners, stated that one man in particular offers him reason to remain bullish. And this person is Larry Fink, CEO of BlackRock, according to a report by bloomberg.
“The most important thing that happened this year in Bitcoin is Larry Fink," Novogratz said, referring to the investment titan who is chief executive officer at BlackRock Inc., the world’s biggest asset manager, reported bloomberg.
When BlackRock submitted an application to start an exchange-traded fund to follow the spot price of Bitcoin in June, the cryptocurrency community was excited. If accepted, this step may potentially lead to a fresh round of investment in the cryptocurrency. However, according to a report from bloomberg, Novogratz was most excited about Fink's sudden transformation from cryptocurrency sceptic to Bitcoin believer - he now views it as a "international asset" — and this has made him very happy.
“He got ‘orange-pilled,’ as we say. Orange pill is when you take a nonbeliever and you make them a believer in Bitcoin," Novogratz, CEO of Galaxy Digital Holdings, told David Rubenstein in an interview this week for an upcoming episode of Bloomberg Wealth, said the news report.
“Larry was a nonbeliever. Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it," said the bloomberg report.
BlackRock's push for ETFs and Fink's shifting mindset are two factors in a "adoption cycle" that Novogratz said may eventually help the coin surpass its record high of about $69,000 reached in 2021, particularly if it coincides with a Federal Reserve swing towards rate cuts. After increasing by more than 70% year to date, the price of Bitcoin this week stayed between $29,000 and $30,000, highlighted, bloomberg in its report.
Last year, a cryptocurrency project Novogratz backed—the Luna token, developed by South Korean businessman Do Kwon as part of an algorithmic stablecoin experiment—blew up, leading to a string of failures in the sector and damaging Novogratz's reputation.
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