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Home Markets Cryptos

Why Bitcoin will not go back to zero

Olumide Adesina by Olumide Adesina
December 9, 2020
in Cryptos
Bitcoin might be worth $1,000,000 in 2025, Crypto: LINK price hits all-time high, passing $8
Share on FacebookShare on TwitterShare on Linkedin

Galaxy Digital founder and popularly known crypto investor, Mike Novogratz, has encouraged stakeholders to devote a larger stake of their portfolios to crypto.

In a recent interview aired on CNN, the crypto expert stated that it was most almost impossible for Bitcoin to trade back to zero value.

READ: Ripple jumps by 4% as investors intensify buying spree

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He also advised investors to allocate about 1% of their net worth to Bitcoin (BTC) and other crypto assets, based on their price volatility.

“I think a new investor could put 5% into Bitcoin,” said Novogratz. “Bitcoin’s not going back to zero […] It could certainly trade back to $14,000 — you could lose 30-40%, but you’re not losing 80-90% of your money.”

READ: A floating loan box: Another wonder in Lagos?

"You're going to see every single financial institution forced into this space."

Invest 5% of your net worth in #bitcoin says @novogratz.

"We're at the beginning innings of rebuilding the infrastructure that American & global business will be done on in the future." pic.twitter.com/b0hdiQwrrG

— Julia Chatterley (@jchatterleyCNN) December 8, 2020

READ: If you had $100,000 in cash, where would you invest it in US markets?

Explore Finance Related Data on the Nairametrics Research Website

What this means

  • The crypto expert disclosed that his bias on the flagship crypto not dropping to such level any time soon was primarily based on the “stability surrounding Bitcoin,” adding that the coin was “fulfilling its role as digital gold” with a store of value.
  • Mike Novogratz also believes Bitcoin’s volatility will drop lower with time.
  • He is estimated to be worth around $700 million. When asked further about his crypto portfolio investments, he said, “overall crypto exposure is probably 50%.”
  • At the time of writing, Bitcoin traded at $18,250.02 with a daily trading volume of $33,410,231,760. Bitcoin is down 4.80% in the last 24 hours. It has a market capitalization of $339 Billion. It has a circulating supply of 18,565,981 BTC coins and a maximum supply of 21,000,000 BTC coins.

READ: Elon Musk closes in on Jeff Bezos for world’s richest man title

READ: Answering the big Bitcoin question – buy, sell or hold?


Follow us for Breaking News and Market Intelligence.
Tags: BitcoinBTCBusiness NewsCryptocurrencyCryptocurrency NewsMike Novogratz
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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