In an interview on February 14, Founder, Chairman and CEO of crypto-focused merchant bank Galaxy Digital, Michael Novogratz, explained the strong price rally Bitcoin has been experiencing in the first six weeks of this year. “… liquidity, liquidity, liquidity. We’ve got global rates low. People are pumping in money. You look at China… nothing’s moving in China, which means the government’s getting ready for two barrels of liquidity. And so, it’s driving stocks, it’s driving crypto, it’s driving gold,” he said.
Novogratz, a former Goldman Sachs partner, added that while the leading cryptocurrency feels “overly exuberant” now, he feels that after the May halvening, prices will soar to $20,000.