Asset management expert Mike Novogratz sees what will happen to BTC and ETH after the Chinese ban
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In a recent tweet, CEO of hedge fund Galaxy Digital and former asset manager at Goldman Sachs, Mike Novogratz, stated that he believes Bitcoin and Ethereum will merge now that they (and the entire crypto market) have been hit by news of another Chinese cryptocurrency ban.
color Amazing deals. Columbus is coming. Same with the ‘Next with Novo’ podcast…mostly a lot of new post-Columbus projects. This reminds me of one dollar Before a huge slope. BTC dollars And ETH dollar will solidify. Just my thoughts. Remember, you don’t need to pick up everything. Focus on what works.
– Mike Novogratz (@novogratz) September 24, 2021
On Friday, China’s central bank (PBOC) made public documents that declared all crypto transactions in the country illegal. However, ownership of cryptocurrencies remains permitted. It was later clarified by some crypto influencers that the documents had been circulating within the PBOC and the Chinese government for about two weeks but were only made public on September 24.
The prominent investor and author of “Rich Dad, Poor Dad” book on financial self-education believes that by taking this step, China will pave the way to launch its own CBDC (also known as DCEP) soon.