Expert hedge-fund manager Michael Novogratz reveals that the current pandemic has set back the mass crypto adaption by almost two years.
Per the claims made by Michael Novogratz, the increasing global economic crisis has taken a toll on cryptocurrency adoption and has set it back up to twelve to eighteen months. This statement was made by him in an interview with Anthony Pompliano; Novogratz weighed in on various impending challenges faced by the global economic space are now increasing due to the spread of coronavirus.
Crypto adaption needs rapid change
Novogratz comments are the reflection of the fears hovering around in the crypto space, as the uncertainty of market resultantly increased volatility.
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The chief executive officer of Galaxy Digital observed that the major problem faced by crypto space is that workers around the globe are dealing with the issue of cash shortages due to the halting of work.
People are thus compelled to sell assets that they would have held for longer periods in order to acquire money required for basic necessities. He also noted that this issue is contributing to the declining price of gold, and this could get much worse in pretty soon in case the cash flow for workers remains negative.
However, Novogratz furthers that when this period of crisis and gloom ends, there would be a considerable amount of liquidity that would certainly result in a swift economic recovery.
Novogratz asserted that in such an environment, the price of Bitcoin would be in a much stronger position to move higher.