The average person has no clue just how much money corporations are throwing at Bitcoin.

Billionaire Mike Novogratz on Bitcoin Rebound: ‘Institutions Are Buying’

Mike Novogratz suggests there is another catalyst for today’s gains — institutions. He told CNBC:

“Crypto has bounced back because institutions are buying…This was partly a big short-covering rally and partly recognition that this is a real market that’s not going anywhere.”

Crypto Is Here to Stay
Novogratz, a former hedge fund trader on Wall Street, pointed to FTX, a cryptocurrency exchange startup that just attracted USD 900 million to its coffers in a Series B round. He also noted the caliber of the investors in the round, which included the likes of SoftBank and Paul Tudor Jones, among others, saying it sent a message to the market that cryptocurrencies are here to stay.

Novogratz Claps Back
Cryptocurrencies may be here to stay, but certain lawmakers are doing everything they can to make it harder to invest. U.S. Senator Elizabeth Warren is behind a letter to Treasury Secretary Janet Yellen urging the former Fed chair to crack down on the cryptocurrency industry. Senator Warren painted retail investors as victims amid crypto market volatility that could lead to financial losses.

Novogratz isn’t having any of it. He went on a tweetstorm calling out legacy finance for things such as bank overdraft fees while defending the cryptocurrency industry and its participants. Novogratz was “riled up” by Senator Warren, saying she does not “seem so progressive” to him.

Full article here:  https://finance.yahoo.com/news/billionaire-mike-novogratz-bitcoin-rebound-131718871.html