Michael Novogratz is a Canadian billionaire and founder of Galaxy Digital Holdings, just one of the many publicly traded companies accumulating more and more Bitcoin at a large-scale as an alternative to holding traditional cash in their reserves. He’s always been bullish on Bitcoin, but now Novogratz believes
incoming U.S. President Joe Biden
is going to send bullish sentiment about cryptocurrencies to the next level. That’s part of the reason he’s predicting a $500,000 Bitcoin price in the near future.
The Biggest Reason Novogratz Thinks Biden Will Be Great for Bitcoin
There is a good chance that President Biden is going to hire a former Goldman Sachs employee named Gary Gensler as the next chief of the United States Securities Exchange Commission. Novogratz and Gensler worked together with the company and Novogratz believes his former colleague will be very friendly to cryptocurrencies.
Where many crypto and political experts fear that increased regulation in the space will lead to the censoring of the individual investor and the quelling of enthusiasm for new projects and innovations in the space, Novogratz thinks that the opposite will happen. There also may be another reason for his optimism that’ll have even more of an impact on the price of Bitcoin.
$2 Trillion in Stimulus Money Is on the Way
Brian Deese is the new leader of the United States Economic Council working under the Biden Administration. Deese went on the record at a conference yesterday stating that in comparison to the $1,200 stimulus check Americans received last spring, this time
.
As you know cryptocurrencies allow investors like you to hold onto your value regardless of which country you live in, so if you’re a Canadian holder of Bitcoin, this is good news for you too.
, many of the $1,200 stimulus checks handed out last time around resulted in a very high volume of Bitcoin purchases for exactly $1,200.
Investors who took on that risk purchased roughly 0.179 BTC, which today is worth nearly $9,000 Canadian. That’s close to a 600% return on investment. With institutional investors continuing to buy the dips, what do you think investors are likely to do with their next stimulus check? You may know the answer.
You don’t have to be American to get in on the stimulus frenzy. Register for a free account on a top cryptocurrency exchange in Canada like Netcoins . You can use email transfers, bill payments or wire transfers to turn Canadian dollars into Bitcoin, Ethereum , U.S. Dollar Tether tokens or other stablecoins . Even if you don’t win in the short term, you’ll be bullish in the long term. Just ask Michael Novogratz.
Thanks for reading. For more blogs on all things Bitcoin, you can read more here.
with Netcoins. Create an account, fund it with an e-Transfer (other funding options available), and head to the trade page to buy or sell bitcoin. Netcoins is a fully regulated, publicly owned crypto trading platform.
Written by: Jack Choros
Writer, content marketing at Netcoins.
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
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