Hedge fund manager and crypto enthusiast Mike Novogratz gave an interview to Bloomberg in which he called out the hodlers and other true believers who “just couldn’t let go”.
He still believes that crypto will revolutionise the world, but just that it might not happen quite as quickly as people once thought.
“Revolutions don’t happen overnight,” Novogratz said. “While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying, ‘This is going to change the world.'”
He admits that he too, like the rest of us, was suckered by the $6,000 apparent floor.
“I did think Bitcoin was going to hold at $6,200. It stayed there for four months. It felt like the selling was finished. But then Bitcoin Cash decided to fork again.”
Still digital gold
However, he’s not throwing in the towel. Far from it. He still sees bitcoin as digital gold and his Galaxy Digital company has the resources to stay in the game and survive the downturn.
“I do believe Bitcoin is going to be digital gold. We have a business that we think can break even next year, if not make money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.”
He likened the current state of the market to coming off heroin:
“But it’s not going to zero. We’re at the methadone clinic.”
He also reiterated previous comments about the SEC’s attitude to ICOs, and how the threat of projects having to reimburse investors sent people running for the hills:
“At the same time [as the BCH hard fork] the SEC came out and sanctioned a few ICOs and said, ‘Oh, by the way, your investors can sue for damages.’ That scared the heck out of a lot of people.”
OKEx lists BCH ABC as BCH
OKEx has decided to list BCH ABC as the “real” Bitcoin Cash, tat’s to say its gets the ticker BCH.
Last week, United American Corp. (UnitedCorp) sued Kraken, Bitmain, and Roger Ver for manipulating the BCH network, .
the Florida-based companyt also claimed that the Bitcoin Cash ABC dev team destroyed the decentralisation of the network by planting a “poison pill” in the chain by with its so called “Deep Reorg Prevention” with its checkpoint system.
Meanwhile the Bitcoin cash Bitcoin SV flippening war continues, with BCH priced at $102 and BSV on $91 after briefly climbing above the former’s valuation last week.
Winklevoss twins launch Gemini trading app
The Winklevoss twins also seem to be fairly sanguine about the “Crypto Winter”, given that their Gemini platform has just launched a crypto trading app. They presumably still think the future is bright for crypto.
“A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”
They continued, in their Bloomberg interview: “we’re totally at home in winter”. Being billionaires, their losses are presumably more manageable than for the little people like you and me.
The Gemini app offers trading in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and ZCash (ZEC).
BTCUSD is stuck at $3,450 as it rests a little before the next fall. The distance from the Ichimoku cloud indicates the strength o the resistance facing any attempted advance.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane