In 2020, Bitcoin (BTC) was not yet too good, despite the fact that the much anticipated halving took place in May. Like the traditional markets, the corona pandemic is also affecting the crypto markets. There is still a lot of uncertainty that has led to weak price developments in recent months.
Does Bitcoin have easy adaptation problems?
In a recent episode of the Unchained podcast, bitcoin cop Mike Novogratz, founder and CEO of Galaxy Digital, and Raoul Pal, co-founder and CEO of Real Vision Group, talked about why Bitcoin had a few difficult months and why the price simply couldn’t is to stay above the $ 10,000, even though a lot has caught up since Black Thursday.While many believed that halving turned out to be the main catalyst, the impact on the Bitcoin price at this point seems rather negligible. Novogratz said:
“Retailers can use a maximum of two to one and encrypt thirty to one. Fifty to one. So if you have a lot of leverage and uncertainty, the price will usually get out of hand. ”
Novogratz highlighted the money crisis that most investors and traders had experienced earlier in the year and added that cash is still a person’s first instinct to be a safe haven. Pal said at the Bitcoin price below $ 10,000:
“I don’t think Bitcoin really rises from here. There is another new development that has taken place in recent years. Especially in the last year this kind of earnings increase is stuff. All of them generate positive returns from storing Bitcoin. And one of the strategies, as in the financial markets, is selling upward volatility. So a lot of calls are sold. ”