Mike Novogratz Believes It’s Difficult for Government Bodies to Suppress Bitcoins

The tremendous growth in the popularity of Bitcoin over the past year has caught everyone in rapt attention - including institutional investors and government and regulatory bodies alike. Government bodies are closely monitoring the recent shift of investors towards the huge adoption of the decentralized form of virtual digital currency.

In the recent past we have seen governments and regulatory bodies - of countries like China, South Korea, Russia and even U.S to some extent - are framing laws to either regulate or include cryptocurrencies into the tax structure of the country. The basic purpose of virtual digital currency has been to keep government institutions and banks away from any sort of intervention.

Popular investor and CEO of Galaxy Investment Partners - Mike Novogratz and also the creator of the $500 million crypto-hedge-fund has expressed his views on the intervention by the government in cryptocurrencies and what lies ahead in future. During his recent interview to CNBC, Novogratz said that government will not have an easy time regulating or controlling cryptocurrency.

While specifically talking in perspective of Bitcoin, Novogratz said that having already gained an immense popularity within global investors, a unanimous decision from different governments is difficult to achieve.

Novogratz still remains positive when it comes to Bitcoin and believes that Bitcoin can still scale to $25,000 from these levels. He says that as Bitcoin is on a rapid-fire, government bodies across the globe are finding it difficult to deal with this cryptocurrency especially when it comes forming of regulations around it.

Moreover, he also said that Bitcoin can surely enter the mainstream as an accepted payments method and can be used for ride-sharing, cloud-sharing and others. Considering Bitcoin, he also said that there might be a bubble in certain regions but in general the cryptocurrency is not a bubble.

Drawing a leaf from the past, Novogratz said that many of the existing revolutionary technologies are the result of the formation of a bubble. For e.g. the dotcom bubble wherein the companies were sold at significant margins and being sold at billions of dollars for just owing an online business or domain.

However, in the larger part, the Internet itself is not a bubble but rather has transformed the way of living of billions of people around the globe thereby revolutionizing the process of communication and information. The bubble was around the concept of Internet and not the concept itself.

Bitcoin is currently trading at a 1500% premium from where it started this year of 2017. The cryptocurrency has gathered a lot of steam in just past two months and now everyone has their eyes set on the Bitcoin Futures Contracts which are to start from tomorrow onwards.