Altcoin Shiller Novogratz Bigging Up Bitcoin Again
Mike Novogratz’s recent bullish forecast on Bitcoin is a breath of fresh air amidst all the doom and gloom. While I agree with his assessment that China’s less hostile stance towards the crypto market at large could help drive prices higher, I have to take issue with Mike Novogratz’s past behavior as a altcoin shiller and his tendency to jump on the Bitcoin bandwagon when it’s outperforming his shilled coins.
Let’s not forget that Novogratz was one of the biggest cheerleaders for the ICO craze back in 2017, promoting numerous dubious projects that turned out to be outright scams. He also has a long history of pumping and dumping altcoins, profiting off unsuspecting investors who were lured in by his slick marketing tactics.
Novo Always quick to back Bitcoin when it gains market traction
Now, with Bitcoin on the upswing reaching $28.5k today, Novogratz is once again singing its praises, predicting that it could reach $30,000 by the end of this month. While I appreciate his enthusiasm, I can’t help but wonder if he’s just jumping on the bandwagon again and looking to make a quick buck.
That being said, I do agree with Novogratz’s criticism of Steve Hanke’s recent comments about Bitcoin. Hanke’s argument that Bitcoin is “a fool’s game” lacks substance and he always refuses to take into account the potential use cases for Bitcoin.
Novogratz was right to refute Hanke’s claims and point out that Bitcoin has outperformed many other assets on a risk-adjusted basis over the past few years. While it’s true that Bitcoin is volatile, it’s also true that it has the potential to disrupt traditional financial systems and create new opportunities for investors and businesses alike.
In the end, I believe that we need more voices like Novogratz’s in the Bitcoin space – billionaire investors who are willing to challenge FIAT dinosaurs like Hanke and push the boundaries of what’s possible. Lets just hope Novo doesn’t fall by the wayside and start shilling altcoins again once they start pumping. I won’t hold my breath.