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Mike Novogratz Says He's Still Bullish on Bitcoin Despite Sharp Drop

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Wed, 03/17/2021 - 06:44
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Alex Dovbnya
Mike Novogratz remains bullish on Bitcoin ahead of the third round of stimulus checks
Mike Novogratz Says He's Still Bullish on Bitcoin Despite Sharp Drop
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In a recent tweet, Mike Novogratz of Galaxy Digital says that he remains bullish on Bitcoin.

The former hedge fund manager claims that he bought more coins at $56,500.

During his recent appearance on CNBC’s “Squawk Box,” Novogratz mentioned that a lot of people would want to stack sats with their incoming stimulus checks.   

Mizuho Securities recently estimated that up to $40 billion of the relief money could be spent on Bitcoin and equities.

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As reported by U.Today, hundreds of millions of dollars worth of short positions got liquidated on March 14 when Bitcoin rallied to a new all-time high of $61,781.

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Image by tradingview.com

Following its sharp move higher, Bitcoin went on to erase its gains, plunging 13 percent over the course of three days.

The flagship cryptocurrency is still up 93 percent in 2021.  

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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.