• Mike Novogratz and Steve Hanke have gotten into a dispute over Bitcoin.
• In 2022, Bitcoin’s price dropped by 70%, but now it’s slowly climbing back up to $28,000.
• Despite the positive outlook of some investors, the SEC still has doubts about the reliability of bitcoin.
Mike Novogratz and Steve Hanke’s Debate Over Bitcoin
Mike Novogratz, a hedge fund manager and bitcoin bull, recently went head-to-head with top economist Steve Hanke in a debate over the future of bitcoin. After Hanke called investing in bitcoin “a fool’s game”, Novogratz retaliated by pointing out that BTC had outperformed all other assets on a risk-adjusted weighting (Sharpe ratio).
The Worst Year Yet for Bitcoin
In 2021, bitcoin hit an all-time high of around $68,000 per unit. However, throughout 2022 the asset underwent tremendous losses and ended up being traded at just mid-$16K by the end of the year – representing a loss of 70%. This was arguably one of the worst years for BTC yet.
BTC is Slowly Recovering
Fortunately though, as we write this article BTC appears to be picking itself back up again – trading at around $28,000 currently. While this isn’t near its all time high from 2021 yet – it shows that since January 2023 it has managed to add roughly an extra $12k to its value within just a few months.
SEC Disagrees With Optimism
Despite many investors having positive outlooks on Bitcoin’s future prospects – The Securities And Exchange Commission (SEC) still isn’t convinced as they think that such digital assets are unreliable and could be susceptible to fraud.
Conclusion
It remains to be seen what will happen with Bitcoin going forward – whether or not it will reach its previous highs or even exceed them if Mike Novogratz predictions turn out true! As always with investments there is risk involved so make sure you do your own research before investing in any digital asset!
