Mike Novogratz: Bitcoin growth will continue against the backdrop of global instability

The head of Galaxy Digital cryptocurrency bank Mike Novogratz expressed the opinion that the bullish rally of Bitcoin prices this year will continue, given the current macroeconomic and geopolitical background.

With the yuan over 7.0, an FX war, instability in HKG and the beginnings of capital flight, $ Btc rally could have real legs.

– Michael Novogratz (@novogratz) August 5, 2019

“With the RMB above 7 , the currency war, instability in Hong Kong and the start of capital flight, the BTC rally can really continue.”

After lowering the Fed rate and the introduction of new import duties by the US authorities, the People's Bank of China devalued the yuan. This decision was most likely made in order to partially compensate for the losses of Chinese exporters.

Asian financial markets reacted to the current situation with a slight decrease, while protective assets such as the Japanese yen, US treasury bonds and gold rose in price. Along with the defensive assets of the traditional financial market, bitcoin has also grown, approaching $ 12,000.

UPDATE: Bitcoin is performing as designed during times of global instability.

– Pomp ? (@APompliano) August 5, 2019

“Against the backdrop of global instability, bitcoin behaves as intended,” Anthony Pompliano, co-founder of the Morgan Creek Digital crypto fund, shared his thoughts.

According to Bloomberg , investors are confident in the further reduction of the Fed base rate and the escalation of the trade war.

Recall, recently Mike Novogratz expressed the opinion that Bitcoin will never drop below the $ 5,000 mark .

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