The Coronavirus is going all over the world, and still, its vaccination has not come into the market. The economy of the world is crashing under the pressure of COVID-19. And we have not yet seen any satisfactory recovery in the financial markets.
The crypto markets greatly affected by the global uncertainty in mid-March, and Bitcoin lost half of its value. However, it recovered to some extent but not performed according to the expectations of crypto lovers. The crypto analysts were calling it a safe-haven asset, but it did not perform like that. Instead, it worked parallel to traditional assets.
However, Bitcoin maximalists still optimistic about Bitcoin and expect from it to rise in the next coming months. Mike Novogratz, the founder, and CEO of Galaxy Digital, the digital assets investment firm, expects Bitcoin to double in value in the next six months.
While giving an interview to Bloomberg, Novogratz explains that the Coronavirus pandemic has influenced many banks to go for contactless payments. And many central banks are thinking about creating a digital currency.
‘’The risk on any store of value, if it’s gold, is that enough people believe in it. It’s still a question of adoption. I’m just seeing more adoption here in the U.S. and in Europe than I have literally since I started this.’’
In the same interview, he also says that ‘’ this is the time for Bitcoin.’’ According to him, the increasing adoption of the crypto will boom the leading asset, Bitcoin, upward.
Recently, Novogratz claimed Bitcoin to be doubled in six months during an interview with CNBC:
‘’If it doesn’t go all out by the end of the year, I think I might just hang my spurs. Because if it doesn’t go up now, you know, I’m not sure when it will… We should have doubled within six months, we really should have. This is the time, maybe within the end of the year.’’