Experts have often referred to Bitcoin as a hedge against policies by centralized governments, and the theory will not fade soon. Galaxy Digital CEO Mike Novogratz said that BTC would see increasing adoption as long as stated continue tumbling with their countries’ economies.
Novogratz Believe BTC will See Increased Adoption
Novogratz told CNBC that Bitcoin might not flourish as a transactional coin. Nevertheless, the CEO believes BTC is more of an SOV (store of value) or digital gold. The investors stated that BTC has advanced as an SOV. For now, the Bitcoin community accounts for the 8th-largest nation globally by players, more populous than countries like Russia.
The BTC community attracted individuals that lost trust in governments, and that would continue if it continues to erode. Novogratz cites Russia, Turkey, and the United States as case studies for the increasing cynicism with governments. He stated that Janet Yellen of Treasury or Fed’s Jerome Powel alleviating inflation in the US economy would discard the need for United States citizens to purchase Bitcoin.
Also, Turkish and Russians who stored their wealth in lira or ruble would feel stupid according to the prevailing economic conditions in both nations. Novogratz maintained that Bitcoin is a lucrative alternative amid worse market situations.
BTC Bullish than Ever
The bullish crypto investors expect Bitcoin’s viral adoption to be the needed catalyst for Bitcoin to climb towards $500K higher in the coming five years. The Galaxy Digital CEO isn’t the only bullish investor sharing their BTC stance. MicroStrategy CEO Michael Saylor termed BTC “the American dream” since it is detachable from political pressures.
Nevertheless, Bitcoin continues to hover within a volatile market. The leading crypto maintained its price actions within the $41.3K – $37.7K range within the past week. Bitcoin traded around $40,450 at this publication, following a 0.72% fall over the past 24 hours.
Inflation stats, rate interest decisions, and geopolitical tension in Europe weigh on Bitcoin. However, analysts believe current developments create a stage for massive upside price actions within the crypto world. Recently, Ukraine passed a law to legalize crypto after Ukraine received millions in cryptocurrency contributions following the Russian invasion.
