• Bitcoin ended Could down 8.0%. That is his worthy month since November.
• Galaxy Digital CEO Michael Novogratz stays bullish on BTC.
• He defined why on CNBC’s “Squawk Field” this morning.

Bitcoin has simply had its worst month since late final 12 months, however Galaxy Digital CEO Michael Novogratz stays optimistic in regards to the cryptocurrency.

Novogratz Shares His Views on Bitcoin

Novogratz attributed BTC’s current decline to the shortage of participation of huge patrons and institutional traders.

Nevertheless, the billionaire investor spoke on CNBC’s “Squawk Field” this morning about two current developments, calling them significant positives for Bitcoin.

WeChat has made it doable to commerce Bitcoin and cryptocurrencies. That is an enormous deal. Hong Kong formally permits cryptocurrency buying and selling for retail clients by regulated exchanges. So we’re seeing adoption from Asia.

Novogratz additionally famous that BTC continues to be up 65% year-to-date, regardless of its plunge in Could, making it the most effective performing property since early 2023.

Charge cuts are good for Bitcoin

Novogratz additionally expects Bitcoin to profit if the US Federal Reserve begins chopping charges, which is more likely to begin within the closing quarter of this 12 months.

To this finish, the CEO of Galaxy Digital stated that if he needed to make investments $10,000 proper now, he would positively select BTC over the 5.0% return assure on Treasury Payments.

The US financial system will decelerate. . . If we see a full-blown financial slowdown within the second half of this 12 months, the Fed will minimize rates of interest by October and the cryptocurrency market might be in full swing.

Moreover, going ahead, the whole provide of bitcoin is ready to halve subsequent 12 months, which has traditionally been a tailwind for rising costs.