Bitcoin’s next major support line at $7,200 is likely to undergo a stressful test in the coming days as the asset struggles in the $7,500 range after Wednesday’s bloodbath.
More than $500 was shed in a matter of minutes, giving investors virtually no time to react, as BeInCrypto had previously reported.
Amid the bearish sentiment currently permeating the market, Galaxy Digital CEO and Bitocin maven Mike Novogratz, appeared on CNBC’s Squawk Box earlier Thursday with his usual sense of optimism.
During the conversation covering a wide range of issues, Novogratz also briefly spoke on three factors that could be potentially bullish for the long-term health of Bitcoin and its brethren.
Retail Crypto Investors Need a Trusted Platform Like Fidelity
Novogratz quickly brushed upon how a regulated Bitcoin Exchange Traded Fund (ETF) would probably add a lot more to Bitcoin’s charm as an investment vehicle. He pointed out that at least that’s how the market responded when the first ETF for gold was introduced.
However, with SEC’s stubborn resistance to the cause, not a single Bitcoin ETF proposal has been able to get through the regulatory body’s gatekeeping. This has prompted many in the community to conclude that a Bitcoin ETF is basically a lost cause so long as Jay Clayton continues to lead the SEC, as BeInCrypto has previously reported.
The Galaxy Digital CEO also noted that while the younger generations are usually the ones with a stronger affinity toward the decentralized digital economy, they’re not yet the wealthiest sect of the society. This, according to him, is a perfect case for trusted platforms like Fidelity to walk the extra mile by making it easier for the masses to invest in cryptocurrencies.
“The most bullish thing that could happen now would be [Fidelity CEO] Abby Johnson saying ‘All my 26 million users can now buy BTC on our platform.’ But that hasn’t happened yet.”
Worth noting here is that despite being the first among its peers to tap in on the cryptocurrency space, Fidelity’s digital assets custody and trading services are still available only to institutional investors.
Facebook’s Libra and Telegram’s TON are Bullish for Bitcoin
When asked if Facebook’s Libra poses any threat to Bitcoin, Novogratz denied any such possibility on the ground that the two have completely different use cases.
He added that Libra has more similarities with the Yuan-pegged national cryptocurrency China plans on introducing in the foreseeable future. The only major difference is – Libra will be pegged to the USD, or rather, a basket of different national currencies not including the Yuan.
According to Novogratz, Libra is basically a payment system and should have been introduced as such. It was a mistake on the part of Facebook to introduce the stablecoin as an alternate currency, he hinted, referring to the widespread concern about Libra posing a threat to the global financial order.
The self-proclaimed Bitcoin bull wrapped up his point by saying that Libra, or for that matter, the Chinese national cryptocurrency, would add value to Bitcoin instead of harming it. That is so because he believes that while Libra is a mode of payment like the USD, Bitcoin can be compared with gold.
The Galaxy Digital CEO has previously stated that he is excited about the Telegram Open Network (TON) considering the company’s already existing massive user-base of 280 million.
Images are courtesy of Twitter, Shutterstock.
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