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Mike Novogratz discusses buoyant Bitcoin and game changer Web 3.0

Scott Thompson

At the time of writing, Bitcoin (BTC) is trading close to $9,200 after price spiked during the weekend, climbing 18% from $7,800 to $9,250 in just a couple of hours. It seems the hypothesis that weekends are good for Bitcoin is indeed true. But will Bitcoin maintain its weekend gains during the next few days? Bitcoin/USD Bitcoin experienced a major rally that took its price upwards close to 18% over the weekend. Afterwards, price pulled back closer to its new support level at around $8,800. At the moment, the market is moving upwards with higher lows each time it falls, meaning we should expect BTC to continue its climb towards $10,000 – which in my opinion might come within the

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Bitcoin is just a store of value and as such won’t change the world, according to Galaxy Digital CEO Michael Novogratz.

Speaking this week at the ConsenSys Ethereal Summit, he argued that the cryptocurrency acts as a digital gold. Web 3.0 is the real game changer, being a decentralised platform that processes information, he added. “If you really think Bitcoin will win this store of value, everything else needs to be used for something.”

Out of the rubble

Earlier this week, Novogratz told CNN Business that Bitcoin will, over the next 18 months, return to its all time high of nearly $20,000. “Out of the rubble, it has popped back up,” he said. It would take something like a major hack or regulation to shatter this resurgence, he added. And he urged crypto exchanges to self-regulate in order to bolster security, arguing that “a little bit of guard rails can go a long way”.

Also this week, Novogratz had his say on the controversy surrounding Binance. “I am shocked that even went there. Talk of forking or reorganising the blockchain is close to heresy. When the Ethereum community did it the project was like five months old. A baby. Bitcoin now has a $100 billion market cap and is a legitimate store of wealth,” he said on Twitter.

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