The returns achieved by Bitcoin continue attracting users to the digital community. Novogratz stated that nobody controls or owns Bitcoin, but it represents a value that all users share.
To present his vision of what is happening in the crypto market, Mike Novogratz recently talked about the relevance of Bitcoin (BTC). The CEO of Galaxy Investment Partners issued several opinions related to how various countries currently see the cryptocurrency.
The crypto market has expanded in tandem with its adoption, indicating that users prefer the facilities provided by the blockchain.
The Adoption of Bitcoin Advances in the Digital Community
The cryptocurrency enthusiast presented a more optimistic outlook for that sector than in previous years. He stated that the returns achieved by those assets still attract users to the digital community.
The executive also highlighted that the number of people who handle that currency worldwide has grown. Faced with the relevance of BTC, Novogratz estimated that over 150 million individuals exchange their Bitcoin holdings with each other.
Concerning the current influence of the pioneering cryptocurrency, he expressed that it is the best brand ever created, a billion-dollar brand.
Bitcoin Has No Owner but Belongs to the Whole Community
Mike Novogratz focused on the decentralized structure that blockchain technology offers to operators. He stated that nobody controls or owns Bitcoin, but it represents a value that all users share.
The businessman commented that the relevance of BTC is more noticeable, as paying with it is easier and faster than with traditional currencies.
He talked about the relevance of BTC regarding its expansion among the community, where new users join the cryptocurrency wave. Meanwhile, experts share their knowledge on how it works and its benefits, attracting more investors to the crypto market.
The credibility of growth
Novogratz highlighted the place of the crypto market when people seek a reliable asset to preserve capital. He pointed to the scenario in various regions where Bitcoin exceeded the strength that the population had previously perceived in their national currencies.
Although the relevance of BTC does not mean replacing traditional currencies, Novogratz showed a scenario where it is a store of value. He explained that countries like Turkey and Venezuela turned to cryptocurrencies to take a break amid economies with increasingly worthless fiat money.
He added that Bitcoin is entirely lifting various countries with poor monetary strengthening.
He believes that this situation arises due to the decreasing credibility in the value of the US dollar. However, he said he expected to see what would happen to stablecoin projects proposed by some central banks. For example, the digital dollar would use a structure similar to the blockchain but regulated by a financial institution.
The vision of Mike Novogratz points to the trend of several countries leaning toward progress in the adoption of cryptocurrencies. That would be through using Bitcoin as a payment method or a store of value or developing alternatives.
Bitcoin is trading at around USD 42,635 and has accumulated a 0.1% loss over the last 24 hours. Its daily trading volume is above USD 13.18 billion, and its market capitalization is about USD 810.42 billion, according to CoinGecko.
By Alexander Salazar
