Bitcoin Bull Mike Novogratz has a strong warning to the Crypto community

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Bitcoin is down more than 80% from its historical maximum, having fallen from the beginning of this year, dragging with it most of the major cryptocurrencies, including artists like ethereum and Ripple's XRP.

This time last year the bitcoin was fast approaching its historic high of nearly $ 20,000 and investors and traders were euphoric over the epic rush to the bitcoin 2017 bull.

Now, the bitcoin bulls have resized in front an overwhelming bear market which continues to grind the price of bitcoin and the former partner of Goldman Sachs, founder of the merchant bank of cryptocurrencies Galaxy Digital Holdings, Mike Novogratz has a strong warning to the faithful crypt.

Many in the bitcoin and cryptocurrency community believe that the adoption of digital tokens will revolutionize the financial services industry (and perhaps society itself), using blockchain, the underlying bitcoin technology, to improve clumsy and obsolete systems.

But how exactly this bitcoin revolution is expected to happen is not entirely clear, nor is it how long it will take.

"Revolutions do not happen from one day to the next," & Nbsp;Novogratz warned in an interview to Bloomberg. "While I believe in basic technology and I believe in the cryptic movement, when prices become stupid, I sell." A lot of my friends in the crypt could not let go, they were saying, "This will change the world."

At the start of this year the price of the bitcoin seemed to have found a plan at just over $ 6,000. Bitcoin has been around for months and many, including & nbsp;Novogratz, he thought it was as low as it would have happened. & Nbsp;

"I thought Bitcoin would have held for $ 6,200," he said Novogratz. "He stayed there for four months. It seemed that the sale was over. But then Bitcoin Cash decided to start over. "

However, & nbsp;Novogratz remains confident about the return of the bitcoin.

"I believe Bitcoin will be digital gold.We have an activity that we think will break next year if we do not make money.We have a lot of money to run the business for a long time. I keep telling my kids that we are a surfer by getting into shape for when the next wave arrives, and when the wave arrives, we'd better be Laird Hamilton of the crypt. "

Meanwhile, others have also said that they do not expect the bitcoin to die due to the recent failure, despite some predicting that it's over for the bitcoin experiment.

"We should not be surprised by the collapse of this year's cryptocurrency prices, [but] the price of these coins is not necessarily zero, "& nbsp; Kenneth Rogoff, & nbsp; professor of economics and public policy at Harvard University and former head of IMF & nbsp; chief economist, he wrote at the beginning of this week in the Guardian newspaper. "Like lottery tickets, there's a high probability that they're worthless.There's also an extremely small external possibility that, one day or the other, is very worth it, for reasons that are currently difficult to predict. "

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Bitcoin has declined more than 80% from its all-time high, after falling from the start of this year, taking with it most of the major cryptocurrencies, including Ripple's Ethereum and XRP .

This time last year the bitcoin was fast approaching its historic high of nearly $ 20,000 and investors and traders were euphoric over the epic rush to the bitcoin 2017 bull.

Now, the bitcoin bulls have shrunk in the face of an overwhelming bear market that continues to distort the price of bitcoin and the former partner of Goldman Sachs and founder of the cryptocurrency merchant bank Galaxy Digital Holdings Mike Novogratz has a strong warning to the faithful crypts.

Many in the bitcoin and cryptocurrency community believe that the adoption of digital tokens will revolutionize the financial services industry (and perhaps the same company), using the blockchain, the underlying bitcoin technology, to improve clumsy and outdated systems.

But how exactly this bitcoin revolution is expected to happen is not entirely clear, nor is it how long it will take.

"Revolutions do not happen from one day to the next" Novogratz warned in an interview with Bloomberg. "While I believe in basic technology and believe in the crypto movement, when prices become stupid, I sell, many of my friends in the crypt could not let them go." They were saying, "This will change the world." "

At the start of this year the price of the bitcoin seemed to have found a plan at just over $ 6,000. Bitcoin had been out there for months and many, including Novogratz thought it was as low as it would have happened.

"I thought Bitcoin would have held at $ 6,200," he said Novogratz. "He stayed there for four months. It seemed that the sale was over. But then Bitcoin Cash decided to start over. "

However, Novogratz remains confident about the return of the bitcoin.

"I believe Bitcoin will be digital gold, we have a business that we think will go into crisis even next year, if we do not make money." We have a lot of money to manage the business for a long time. guys, we're a surfer who's getting in shape for when the next wave arrives, and when the wave arrives, we'd better be Laird Hamilton of the crypt. "

Meanwhile, others have also said that they do not expect the bitcoin to die due to the recent failure, despite some predicting that it's over for the bitcoin experiment.

"We should not be surprised by the collapse of this year's cryptocurrency prices, [but] the price of these coins is not necessarily zero, "he wrote at the beginning of the Guardian newspaper Kenneth Rogoff, professor of economics and public policy at Harvard University and former head of the IMF." Like lottery tickets, there's a high probability that they're worthless. It's also a small chance outside that will be worth a long time before, for reasons that at the moment are difficult to predict ".