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Vandana Malik
Mar 23, 2020
by Vandana Malik

Mike Novogratz Thinks Bitcoin’ Volatility Will Continue This Year

Mike Novogratz
The recent slowdown in the whole financial market due to the coronavirus outbreak combined with growing volatility has put investors in a spot of bother. People have now started saying that the situation might get even worse like the 2008 financial crisis. However, Mike Novogratz believes this will be the year of bitcoin as either it will reach the highest point or will go down to the lowest.

Bitcoin was also created after the financial crisis of 2008 so there is an indication that it might go down to that route again.

On March 22, Novogratz posted a tweet in which he said that this volatility in bitcoin will continue for a few months now. This year is going to be the year of bitcoin.

Mike Novogratz points towards opportunities amid crisis

It has been seen that the financial markets are going through its worst phase since 1987. The price of bitcoin has also dropped by 60-70 percent and was recorded its lowest value this year at $3,600 on a few exchanges.

The oil sector is also going through a very bad time due to the coronavirus outbreak and a price war has been going on in this sector.

Although earlier, Novogratz has pointed out that bitcoins are also not secured. Surprisingly in his recent tweet, he has shown confidence in bitcoin that it might come up with new opportunities amid the crisis.

Novogratz appeals Congress to not repeat the mistake of 2008

Novogratz also appealed to the Congress that they should not repeat their mistake of 2008 this time. In 2008, during the financial crisis, a bailout fund was passed to restore the economic growth which was adversely affected by the crisis.

Changpeng Zhao, CEO of Binance has pointed out in a tweet that coronavirus might be considered as one of the major causes but it is not the only cause that led to the economic slowdown.

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    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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