Bitcoin may plunge but it's difficult to call a bottom: Galaxy Digital's Michael Novogratz

       

Bitcoin may plunge but it's difficult to call a bottom: Galaxy Digital's Michael Novogratz

           BITCOIN PLUNGING AGAIN THIS 

MORNING. NOW THREATENING BITCOIN AT LEAST TO BREAK UNDER 30,000 AND ALREADY BELOW SOME OF THE REEPT LOWS THAT WE HAVE SEEN ALL THIS SPARKED BY NEWS OF AN ESCALATING CRACKDOWN ON DIGITAL CURRENCIES IN IT CHINA JOINING US NOW WITH HIS TAKE ON BUTT BITCOIN'S FALL AND WHERE THEY FIND SOME SUPPORT, MIKE NOVOGRATZ. MIKE YOU THOUGHT 40 WOULD HOLD.  T DID NOT WE'RE NOW AT 30. WHILE WE'RE TALKING WITH YOU NOW, WE MAY SEE A PRINT WITH A TWO HANDLE THERE IT IS, $29,824 WHERE DO YOU THINK THE NEAR TERM LOW WILL END UP BEING? I KNOW IT'S TOTAL CONJECTURE ONYOUR PART.  SO WE HAD CHINA, RIGHT, REALLY BE MUCH MORE FORCEFUL IN THEIR CRYPTOCURRENCY THAT CREATED A RETAIL DEL DELEVERAGING 

A LOT OF CRYPTO HAPPENS IN ASIA.

A LOT IS CHINESE FOCUSED SO WE'RE SEEING BIG LIQUIDATIONS IT'S HARD TO CALL A BOTTOM $30,000, WE'LL SEE IF IF IT HOLDS ON TODAY WE MAY PLUNGE BELOW IT FOR A WHILE AND CLOSE ABOVE IT IF IT REALLY REACHED $25,000 IS THE NEXT BIG LEVEL OF SUPPORT. LOOK, I'M LESS HAPPY THAN THE ONES BUT I'M NOT NERVOUS WE CONTINUE TO SEE TALENT COME  INTO THE SPACE.

               I WAS TALKING TO THE BIG PENSION 

FUNDS THAT ARE MAKING CLOSE TO MAKING THE FIRST INVESTMENTES IN BIT COUNSEL. I THINK WE'RE GOING TO SEE  SHIFT AWAY FROM ASIA AND MORE TO THE DEVELOPED WORLD. EVERY MONTH THEY WANT MORE CONTROL OVER HIS COUNTRY BITCOIN IS ABOUT FREEDOM AND SO, YOU KNOW, PEOPLE SAY COULD IT HAPPEN IN AMERICA COULD IT HAPPEN IN EUROPE? THE ANSWER REALLY IS NO. WE VOTED FOR OUR POLITICIANS OUR POLITICIANS ARE GOING TO BE VERY, VERY LEER DWROU DO SOMETHING LUKE CHINA JUST TECHNICALLY IN PAST BREAKS WE'VE SEEN AWE PU PULLBAF MUCH GREATER THAN 50% OF THE HIGHS WHICH IS WHERE WE ARE RIGHT NOW. YOU DON'T THINK THAT'S IN THECARDS THIS TIME AROUND.

           YOU DON'T SEE IT 

IS IT POSSIBLE  THE ECOSTYSTEM IS SO MUCH MOR MATURE EVERY SINGLE BANK IS WORKING ONT THEIR CRYPTO CLIENT. I THINK THEY WILL SEE THIS AS AN OPPORTUNITY TO GET INVOLVED. OKAY. BACK TO FUNDAMENTALS  IT'S BEEN POINTED OUT THAT IT CAN ONLY MINE A CERTAIN AMOUNT  ANYWAY IT DOESN'T MATTER WHO IT IS. IF CHU IF CHINA ISN'T MUNING, IT DOESN'T MATTER THERE IS A LOT OF INTEREST IN CHINA AMONG THE CHUN HE'S PEOPLE AND A LOT OF CRYPTO KREE OUGHTING AND EVEN WHEN THEY HAD TO GO TO PIER TO PIER OR OVER-THE-COUNTER, WHAN YOTEVER WANT TO CALL IT, THAT IS STILL GOING ON AND THAT'S A BIG PART YOU KNOW, TALKING ABOUT A BILLION PEOPLE OR WHATEVER I MEAN THAT'S AN IMPORTANT MARKET FOR CRYPTO.                                                                                                                                                                                                                                                                                                                                                     WHAT THE CHINESE HAVE PROVEN OVER AND OVER, IF THEY WANT THEIR MONEY, I'M SURE THEY CAN FIND A WAY TO GET IT RIGHT? AND SO I DON'T THINK YOU'RE GOING TO SEE CHINESE PEOPLE STOPPING CRYPTO. THE GOVERNMENT IS GOING TO MAKE IT MORE DIFFICULT, 100%. LISTEN, THE PRESIDENT OF THECOUNTRY SENT HIS DAUGHTER TO HARVARD.