Galaxy Digital founder Mike Novogratz has proposed to Peter Schiff, a gold advocate and Bitcoin sceptic, a $1 million bet on Bitcoin’s price.
Under the proposal, Novogratz would donate the funds to charity or another cause of the opponent’s choosing if, in a year’s time, digital gold trades below $35,000.
@PeterSchiff I’ll bet $1mm to the charity of either of our choices that $BTC is higher than 35k a year from now. You on? https://t.co/ilQ5KJrHGP
— Mike Novogratz (@novogratz) January 22, 2022
The day before, the founder of Galaxy Digital said the bear market had begun and urged investors not to buy on dips.
Cryptocurrencies will have a hard time starting a rally until stocks hit bottom. That said, digital assets have already undergone a substantial sell-off and are starting to receive buying support
— he explained.
2) crypto will have a hard time rallying until stocks find a base. That said, crypto already had a decent sell off and is running into some buying support.
Finally, the best traders get good at gallows humor 😂
— Mike Novogratz (@novogratz) January 20, 2022
Against the backdrop of the cryptocurrency market sell-off, Schiff warned of Bitcoin falling below $10,000. He said the pattern forecasting moves below $30,000 should scare holders of long positions.
#Bitcoin has finally broken the neckline of a head-and-shoulders top. The scary part for the longs is that the pattern projects a move below $30,000. Once that level is breached Bitcoin will have completed a massive double top. From there a crash below $10,000 is highly likely.
— Peter Schiff (@PeterSchiff) January 21, 2022
On Saturday, January 22, Bitcoin traded down to $34,000. At the time of writing the asset was trading at about $35,300. Bitcoin’s market capitalization stood at $670 billion, according to CoinGecko.
In September 2021 Schiff again criticised Bitcoin and predicted the imminent end of the “cryptocurrency bubble”. He also reaffirmed his commitment to gold and noted that the value of the precious metal lies in its utility.
In the same month, Novogratz called the first cryptocurrency “the next Internet”, and $40,000 for Bitcoin and $2,800 for Ethereum — important price levels.
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