Mike Novogratz: Asians Sell Bitcoin, Americans Buy

Billionaire investor Mike Novogratz talked about cryptocurrencies and Bitcoin (BTC).

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Novogratz, who was a guest of CNBC’s Squawk Box program, made statements about the latest price movements of Bitcoin (BTC).

Bitcoin’s Price Movements

Novogratz, feeling the bad effects of the FUD due to the pressure in China, thinks that Bitcoin may go into consolidation mode after a short time.

“The asset is consolidating in the range of 30-35 thousand dollars. It seems that right now Asia is selling Bitcoin while the US is buying it back. We’re seeing new money flowing into crypto funds, venture funds, and hedge funds. Thus, many purchases were made at the beginning of the month. In addition to Bitcoin, we see that Ethereum (ETH) also has good attacks.

Asians keep selling, right? I mean, China has declared war on cryptocurrency as a module of the broader cold war we are entering. So I still think we just digested it.”

Crypto Regulations

Novogratz believes regulatory clarity will be good for the cryptocurrency space. However, for the regulations to take place, the US Congress must give weight to the bet. The SEC has no such mandate.

“Gary Gensler would love to regulate all cryptocurrencies. But he has no authority, does he? It needs Congress to authorize them, and it’s a pretty tight congress. We’ll see what they’ll do in the end.

But I think even if you have the authority, once you have the rules, I think that would be a relief for the market. No matter how smart our politicians are, they know very little about crypto. We should do a better job of educating them.”

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