Mike Novogratz, founder of the Galaxy Digital cryptocurrency bank, expressed his position regarding the sharp drop in the value of the coin that occurred on March 13, 2020. In his opinion, the main reason for such an event was nothing more than panic in the ranks of traders.

Novogratz fundamentally disagrees with the opinion of Bitcoin Core developer Jimmy Song, who blamed institutional investors for the fall in the price of bitcoin. Mike, on the contrary, began to defend investors, noting that they had no effect on the sale of the crypto coin, the cost of which dropped below 5 thousand USD.

We will remind, last year Novogratz said that Bitcoin will never again cost 5 thousand USD, and in the near future its price will rise to 20 thousand. As you can see, arguing this, the head of the cryptocurrency bank was mistaken, because he could not predict the events associated with the new coronavirus pandemic.