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Mike Novogratz Believes BTC and ETH Will Consolidate Now

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Sat, 09/25/2021 - 09:13
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Yuri Molchan
Asset management guru Mike Novogratz opines on what will happen to BTC and ETH after the Chinese ban
Mike Novogratz Believes BTC and ETH Will Consolidate Now
Cover image via www.youtube.com

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In his recent tweet, the CEO of Galaxy Digital crypto hedge fund and a former asset manager of Goldman Sachs, Mike Novogratz, stated that he believes Bitcoin and Ethereum are going to consolidate now that they (and the whole crypto market) have been hit by the news of another Chinese cryptocurrency ban.

On Friday, the Chinese Central Bank (PBOC) made public documents that announced all crypto transactions in the country illegal. Ownership of crypto remains permitted, though. It was later clarified by some crypto influencers that the documents had remained in circulation inside PBOC and the Chinese government for about two weeks but were made public only on September 24.

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“Rich Dad Poor Dad” Author Believes He Knows Real Reason for New Chinese Crypto Ban

Prominent investor and author of the “Rich Dad, Poor Dad” book on financial self-education believes that by taking this step China is clearing the way for launching its own CBDC (aka DCEP) soon.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.