Invest 5% of Your Networth in Bitcoin: Mike Novogratz Advises
Mike Novogratz, a billionaire investor, in an interview with Julia Chatterley of CNN, now says people should invest five percent of their net worth in Bitcoin. He explained that we are “at the beginning of rebuilding the infrastructure that American and global business will be done on in the future.” At spot rates, the BTC price has slightly contracted from 2020 highs despite investors channeling over $4 billion into the most valuable asset in 2020 alone.
Bitcoin’s performance has been spectacular, even exceeding expectations. Unlike previous upticks, this year’s expansion was fanned by institutions sparked in part by the dismal performance of traditional assets amid the raging coronavirus pandemic. The zoonotic virus forced closures and governments to ban international travels, restricting movement. The stock market tanked benefiting safe havens of which Bitcoin emerged on top. With institutional backing, the coin is on the cusp of printing a new all-time high as analysts expect more gains above $20k in the medium term. Comments from Mike could be one of the many signals that may lift the Bitcoin price above 2017 highs.
Impact on the BTC Price:
Bullish. At the time of writing, the BTC price is down three percent week-to-date, falling below $19k. However, many investors are doubling down on crypto, seeking to understand how they work. All these are supportive of bulls who are yet to close above the $20k sell wall.
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