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Billionaire Bull Mike Novogratz Speaks for the First Time After $100,000 in Bitcoin, Warns!
As Bitcoin approaches the $100,000 mark, Galaxy Digital CEO Mike Novogratz evaluated this turning point and warned investors about the high leverage risks in the cryptocurrency market.
"It's been a week. Novogratz, who said '100,000 dollars is a big moment for this space and evidence of its growth,' said that Bitcoin's rise in the global financial environment is important. Novogratz likened Bitcoin's evolution to the digital gold of the new generation: 'It transformed from an idea of payment to a store of value, to digital gold.'"
Novogratz emphasized that Bitcoin has solidified its role as a store of value that fluctuates according to market sentiment: "It will rise when people want it to. It will fall when people say we don't need it."
Despite Bitcoin's significant growth, Novogratz sounded the alarm about the current state of the market. "There is currently a frenzy of buying Bitcoin all over the world. Bitcoin is one of the first global assets," he said.
However, it warned about excessive leverage and noted that funding costs for long positions were the 'widest ever seen.' It emphasized the importance of staying disciplined, warning that high leverage can lead to sharp corrections.
Novogratz encouraged investors to maintain discipline and profit during the rise of Bitcoin. "Be sharp. Leverage is very high and the basis spreads are the widest I've ever seen. Eventually, there will be pullbacks before it goes even higher. Don't forget to take profits along the way."
While Novogratz maintains his optimism about the future of Bitcoin, he also acknowledges the volatility inherent in a leveraged market. When asked whether the rally will continue throughout the year or into the next administration, he expressed cautious confidence: 'Could it last until Trump's inauguration? I think so.'