US, WASHINGTON (ORDO NEWS) — Galaxy Digital founder Mike Novogratz is confident that the global economic crisis provoked by the coronavirus pandemic will be the time of the breakthrough of the first cryptocurrency.
$btc will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year.
— Michael Novogratz (@novogratz) March 22, 2020
“Bitcoin will remain volatile for the next few months, but the macroeconomic background is what it was created for. This year should be and will be the year of BTC,” said Novogratz.
On Friday, March 13, the leading cryptocurrency collapsed in sync with other markets after the WHO announcement of the COVID-19 pandemic. The S&P 500 experienced the largest daily drop since 1987. Bitcoin for some time fell below the level of $ 4000.
Novogratz explained the sharp collapse of cryptocurrency quotes that day by the panic sale of the asset by margin traders.
Last week, the price of bitcoin returned to levels above $ 6000 and in recent days has fluctuated around this level.
Novogratz previously said that the economic crisis will delay the massive adoption of cryptocurrencies for a year or a half.
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