Famed investor Mike Novogratz believes that additional crypto adoption and more drastic central bank actions will benefit Bitcoin. The Galaxy Digital CEO said that hedge funds and high-net worth individuals have been buying Bitcoin (BTC). However, Novogratz expects the U.S. equity markets to go down, hence, he “got short Friday for the first time in a while -- both stocks and credit.”
Several analysts have suggested that the current crisis is likely to be far worse than the previous financial crisis, which led to the birth of Bitcoin. Gemini co-founder Cameron Winklevoss said that the current coronavirus “pandemic will be an inflection point for Bitcoin and the Metaverse.” For this reason Winklevoss has advised his followers to “hodl” their Bitcoin holdings.