Michael Novogratz on Bitcoin gaining 7%: 'Longs will win'

03 May, 2019 | Updated: 03 May, 2019
by Jelmer van der Dussen
Bitcoin
Michael Novogratz on Bitcoin gaining 7%: 'Longs will win'

Bitcoin is rocking it today, gaining almost 7% at the time of writing. While the price is rising, shorts are also rising. Michael Novogratz, Bitcoin bull and founder of Galaxy Digital, thinks shorting is not a wise thing to do right now. 

On Twitter, Novogratz commented on a tweet from investor Alex Saunders, who shared a chart of the upwards price movement of Bitcoin and the shorts. Both are going up, meaning that while BTC is moving up, more and more people are shorting because they think the price will fall back again.

But Novogratz is not one of those people. Commenting on the chart, Novogratz said that the Longs will win. 'Stay in trend', he added to that.

Novogratz is a long term bull of Bitcoin, despite Galaxy Digital Holdings, his crypto investment firm, recording a net loss of $272 million in 2018. 'I am more and more bullish on Bitcoin and our whole space', Novogratz tweeted mid-April.

Earlier, Novogratz said he believes Bitcoin can beat gold as a store of value. 'Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily.'

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