Purchased More Bitcoin at $56,500, Says Mike Novogratz

Mike Novogratz, the CEO of Galaxy Digital, announced today that he has expanded his Bitcoin portfolio. Novogratz added that he has purchased more BTC at a price level of $56,500.

Novogratz tweeted his views about the world’s largest cryptocurrency today and mentioned that he is still bullish on Bitcoin. The CEO of cryptocurrency firm Galaxy Digital said that a lot of young Americans are planning to invest in BTC. Galaxy Digital is one of the largest institutional holders of Bitcoin and other cryptocurrency assets.

“I bought more BTC at 56,500. Just in case anyone was wondering if I’m still bullish,” Novogratz tweeted.

“Bitcoin will literally be like a report card for how citizens think the government is doing managing their finances. We are in uncharted territories on how much money we are printing and BTC is a report card on that. A lot of the stimulus checks are going to young people who want to buy Bitcoin. What happens on the weekend is retail gets excited you can tell because the cost of leverage goes way up on the weekend,” Novogratz said during an interview with CNBC.

Finance Magnates earlier reported about a survey conducted by Mizuho Securities. The results indicated that most of the stimulus check recipients in the US are planning to invest the money in Bitcoin.

Volatility in Bitcoin

The world’s largest cryptocurrency has seen significant volatility in recent months. Bitcoin touched an all-time high of $61,000 earlier this week but a drop of 10% accelerated the volatility in the cryptocurrency market. The recent volatility liquidated nearly $2 billion worth of long Bitcoin positions. The latest data from Glassnode, a crypto analytics platform, showed that BTC’s supply at digital exchanges is plunging as Bitcoin whales are moving money to cold storage and unknown BTC wallets. BTC is down nearly 2% in the last 24 hours as the overall market cap of digital assets is hovering around $1.7 trillion.

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