Mike Novogratz Says Bitcoin Will Lead Next Rally

.novogratz has explained why Bitcoin is underperforming stocks

believes that Bitcoin, the flagship cryptocurrency, will lead the next cryptocurrency rally.

The cryptocurrency billionaire stopped short of predicting when such a rally would take place. He believes that prices will be able to recover as soon as the U.S. Federal Reserve ditches its hawkish monetary policy and stops hiking rates. The market is in the process of adjusting to the popping of an asset bubble, which he claims was caused by the Federal Reserve.

Novogratz also explained that cryptocurrencies are greatly underperforming equities due to the fact that there’s no buybacks and giant pension rebalancing that are causing the squeeze in equities. In sharp contrast to that, the S&P 500 is up 2.24%. It has added nearly 6% that week. Meanwhile, the Nasdaq-100 is up 3.18%, adding nearly 7% in a day

Bitcoin, for comparison, is down 1.86% over the last seven days, and it is on track to secure a record-breaking ninth week in the red unless it manages to recover during the upcoming weekend.

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