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Downfall is “a opportunity to buy Bitcoin on the dip”, says carefree billionaire Mike Novogratz

Mike Novogratz, the CEO of digital asset management company (in cryptocurrencies and blockchain sectors) Galaxy Digital, says that $40,000 bitcoin shows the market is in good shape and recommended buying digital assets.

Downfall is "a opportunity to buy Bitcoin on the down", says carefree billionaire Mike Novogratz

Downfall is “a opportunity to buy Bitcoin on the down”, says carefree billionaire Mike Novogratz

The crypto-billionaire told CNBC earlier this week that he thought the market remained in good shape, even after the sell-offs over fears over the housing crisis in China.

“We saved $40,000 overnight in bitcoin and $2,800 in ethereum. I think these levels are very important for people to look at. As long as they maintain these levels, the cryptocurrency market is in good shape,” he said.

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Novogratz said he is not nervous about the declines, however, he believes it is an opportunity to “buy the dip” – buy low.

He also added that he believes Monday’s liquidation was also driven by concerns about US regulation. “The market has been a bit stretched,” he said.

The crypto-billionaire, a former hedge fund manager who founded digital asset investment firm Galaxy, said he was seeing a lot of involvement and activity in the cryptocurrency market and cited Softbank’s participation in a $680 financing round millions for the NFT Sorare sports market.

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