Mike Novogratz, a billionaire investor, believes that at least 1% of portfolios of all major macro fund should be held in Bitcoin. His statement came after Bitcoin displayed a strong corrective rally.

During the last two days, Bitcoin has managed to avoid a drop below USD 3,000 mark. On the other hand, its price has recovered beyond the critical support level of USD 3,500. Moreover, an increase in the valuation of the cryptocurrency market from USD 110 billion to USD 120 billion was witnessed.

Many analysts agree that cryptocurrency, along with Bitcoin, will recover in the latter half of the ongoing year. Bitcoin has shown a trend, over the past ten years, of rebounding a year prior to its block reward halving. In order to decrease the amount that miners can generate, it undergoes a halving after every two years. Due to the process, the supply declines.

Willy Woo, a renowned digital asset researcher, has already demonstrated that Bitcoin is capable of initiating a proper rally. Using technical indicators, he predicted that it is expected to happen by the end of 2019.

Novogratz has always supported the idea of long-term investments in the digital assets market. In the past, he predicted that digital assets would experience an unprecedented rally once institutional investors decide to join the market. He added that such a huge change (a USD 20 trillion market) would not happen overnight. What is likely to happen is that some big guys will start the investment and the others will gradually follow.

Although Novogratz does not believe in short-term catalysts, there are both long- and short-term ones available which appear to ensure Bitcoin’s recovery.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com
Load More Related Articles

Recommended for you...

Germany Asks Industries for Blockchain Development Recommendations

Germany has recently consulted leading industrial groups and companies to become stakehold…