Michael Novogratz, the founder of the Galaxy Digital cryptocurrency asset management company, believes the market has hit bottom.
The market is experiencing "seller fatigue", said Novogratz at the second Annual All Markets Summit of Yahoo Finance on Thursday, adding that the bitcoin, the largest cryptocurrency for market capitalization, is now growing.
In fact, bitcoins are showing signs of life, having persistently found buyers about $ 6,000 in the last three months. Thus, the signs indicate that the bears have probably dried up.
Novogratz also took note of the "classic fund" in the Galaxy Digital cryptocurrency index, which is down more than 80% from its peak.
Valuations are cheap by December standards, and this could attract business hunters and investors like Novogratz who consider bitcoin to be a store of value.
"Bitcoin held $ 6,000.Yes, it's not at the height, but it has established itself as a store of value," Novogratz said, according to a Reuters report. The billionaire investor also told the participants that, in his view, a lot of money is waiting on the sidelines.
Novogratz also touched on the recent craze towards cannabis-related actions, noting that investor fervor "hears [s] as bitcoin and ethereum did in December of last year," according to a separate report from the CNBC.
"The companies sell up to $ 28 billion almost without revenue," the network said. "If I were there for a long time I'd sell them and if you're a speculator, I'd take them for short."
Photo by Brady Dale for CoinDesk