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Bitcoin (BTC) Bull Mike Novogratz Says That He Would Short All Altcoins

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Thu, 01/30/2020 - 06:18
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Alex Dovbnya
Wall Street veteran Mike Novogratz says that he would short all altcoins after questioning their recent rally
Bitcoin (BTC) Bull Mike Novogratz Says That He Would Short All Altcoins
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Galaxy Digital CEO Mike Novogratz is not the biggest fan of altcoins. During a hedge fund conference in Miami, he told an audience that he would short all of them, Business Insider reports. 

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Novogratz doesn't understand why alts are rallying    

Novogratz believes that Bitcoin is digital gold, which is why it is here to stay. The biggest cryptocurrency by market cap now tends to react to global events such as the Iran conflict and the coronavirus outbreak. As reported by U.Today, the Wall Street legend was long on both BTC and the yellow metal.

However, when it comes to altcoins, Novogratz doesn't understand why anyone would want to buy them. When they rallied hard in mid-January, he offered a dinner in NY to anyone who would offer the best explanation.   

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Mike Novogratz Wins His Bitcoin Bet Against Nouriel Roubini

Charles Schwab hinders Bitcoin adoption 

During the conference, Novogratz also revealed that TD Ameritrade was close to allowing financial advisors to hold and trade Bitcoin. However, the bombshell merger with its bitter rival Charles Schwab made it scrap its crypto plans given that the former views crypto as "a speculative investment."

TD Ameritrade started added support for Bitcoin futures back in 2017. According to the company's CEO Tim Hockey, there is still a great demand for them. 

The brokerage giant is now exploring the addition of additional cryptocurrency products.  

 
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.