Mike NovogratzCEO of Digital Galaxywarned of the economic repercussions of the war, while predicting a robust performance Bitcoin Bitcoin/USD.
What happened: Novogratz, the billionaire founder of Galaxy Digital, took to social media platform X on Sunday to express his concerns about the potential financial implications of the war. He also predicted that Bitcoin will continue its upward trajectory after a risk phase.
His comments were made against the backdrop of rising tensions in the Middle East. “Wars cost $$$…. Let’s pray we don’t have a bigger one, but after the risk flow, $BTC will resume its uptrend,” Novogratz said.
He also expressed hope for a peaceful resolution, saying: “I pray that calm prevails and that this is not the start of a major regional conflict.”
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Novogratz’s remarks underline his confidence in Bitcoin’s resilience during times of geopolitical instability. He also highlighted positive developments in the Middle East, calling the current situation “tragic”.
Because matter: Novogratz has already shown optimism regarding Bitcoin’s performance. In April, he predicted a surge in Bitcoin and precious metals, driven by potential interest rate cuts, despite a lack of solid reason for the Federal Reserve to do so.
He also highlighted the importance of hard assets for wealth creation in an inflationary environment.
His recent comments come after a drone attack by Iran on Israel escalated tensions in the Middle East, causing a sharp drop in Bitcoin.
Additionally, the upcoming Bitcoin halving event, which will reduce the block reward for mining new bitcoins by 50%, could potentially impact the Bitcoin mining industry.
Price action: As of this writing, Bitcoin is valued at $65,474.10, indicating a slight decline of 0.46% over the past 24 hours. Nonetheless, according to data from Benzinga Pro, the cryptocurrency has seen a notable increase of 48.23% year to date.
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Kaustubh Bagalkote
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