Mike Novogratz: Bitcoin was a Confidence Game and that Confidence has Evaporated 

Bitcoin bull and CEO of Galaxy Digital, Mike Novogratz, is convinced that the confidence investors have in the financial market, including Bitcoin, is completely lost.

For the past few months, the global stock markets and the cryptocurrency markets have been facing a lot of crises amid the ongoing Coronavirus pandemic. Prices have plummeted to the lowest points; thus, increasing the already existing panic.

In a tweet on Friday, Mike Novogratz shared that Bitcoin and all cryptocurrency is a game of confidence. 

He said, “$btc was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated. What brings it back to $btc?”

Novogratz had earlier warned investors that the outbreak of the Coronavirus would affect Bitcoin adversely. He further said that during such adverse times, investors are very likely to liquidate their assets.

Bitcoin Taunts Mike Novogratz

The next move for the cryptocurrency is still uncertain. The plunge in price today makes most of the bullish predictions about bitcoin seem far-fetched.

Novogratz has always been bullish about Bitcoin. He earlier predicted that by the end of this year, Bitcoin would be sold above $12,000. Similarly, during the third quarter of 2019, Mike was very confident that investors will never buy Bitcoin below $5,000 again

However, Bitcoin has shown time and again that it is indeed a honeybadger, and it doesn’t care how bullish experts are. This time around, the cryptocurrency has failed to be a hedge against price fluctuations like many had thought it to be. 

Earlier today, Bitcoin traded as low as $3,700 for the first time in 12 months, taunting Mike for his prediction that the coin will never sell below $5k again. The price, however, did not stay below the $4k level for long as the cryptocurrency rebounded above $5.000 and is currently trading at $5,626.