• Mike Novogratz – the CEO of Galaxy Digital – believes that China’s less hostile stance on the crypto industry could trigger a further price rally for Bitcoin.
• Hong Kong subsidiaries of some leading Chinese banks have recently offered their services to local cryptocurrency businesses.
• Novogratz thinks Bitcoin could tap $30,000 by the end of this month.
Novogratz’s Bullish Forecast
Mike Novogratz – the CEO of Galaxy Digital – opined that China’s less hostile stance on the crypto industry could be one reason behind bitcoin’s possible price increase in the next several months. The Hong Kong subsidiaries of some leading Chinese banks have recently offered their services to local cryptocurrency businesses. Novogratz believes certain factors could trigger a further price rally for the cryptocurrency market, such as all the selling that needed to get done being done and Beijing giving its green light on the crypto developments happening in Hong Kong. He also predicted that bitcoin could tap $30,000 by the end of this month.
Positive Winds from China
Beijing has recently given its green light on the crypto developments happening in Hong Kong, while the Bank of China, Bank of Communications, and Shanghai Pudong Development Bank have already started offering their services to domestic digital asset entities. This supportive environment created by Chinese authorities signals a good sign for investors who are expecting an uptrend in prices within months after years-long bear market witnessed in 2018-2019.
Bullish Effects On Crypto Market
Novogratz thinks these positive winds from China could lead to bullish effects on crypto market and substantially increase prices within months if trend remains same for long term investor sentiments. He specified that bitcoin has a chance to reach $30,000 by end of this March due to all positive news coming out lately about adoption and regulations being eased up in many countries including US and UK which will allow more institutional investments into cryptos sector since they can now expect more certainty when it comes to future prospects associated with cryptos trading or investments as compared with previous years when there were no clear rules or regulations regarding cryptocurrencies’ usage or benefits associated with it globally on national level basis which caused huge uncertainty among investors whether they should invest or not in cryptos due to lack of clear regulations governing them worldwide at different levels like tax laws etcetera.
The overall sentiment around cryptocurrencies is increasing positively due to recent regulatory advancements made by many governments towards acceptance & legitimacy being provided over time; With strong Bullish predictions from prominent personalities like Mike Novogratz who is known for his expertise & foresight related investment decisions taken during his professional career spanning over decades; We can safely assume that this new wave coming along with ease up regulations & increased acceptance would surely benefit Cryptocurrency Market & Investors alike.