Mike Novogratz: Asia is selling Bitcoin, while the US is buying

Galaxy Digital founder Mike Novogratz, in CNBC’s commentary, said that the American cryptocurrency community has taken a leading position in a bear market whose origins lie in Asia.

“We see Asia selling it [Bitcoin], and the United States buying it back. China has declared war on the crypto industry as part of a broader cold war into which we are getting involved,” he said.

Novogratz also pointed to a possible correlation of Bitcoin within diversified portfolios. According to him, some hedge funds are selling a portion of digital gold because the asset weighs on their positions.

“It will take some time to build a more diverse investor base,” he said.

Earlier, called the exit of miners from China a “big plus” for the crypto industry. He said that the repressive policies of the PRC will not hamper the development of Bitcoin.

Earlier in June, the founder of Galaxy Digital noted that digital gold will never become a means of payment, as its blockchain is not suited for that.

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