[2022-07-20] Novogratz says ‘worst is over’ and that Bitcoin will surge

[zasad@]

https://www.bloomberg.com/news/articles/2022-07-19/novogratz-says-he-was-darn-wrong-on-risks-of-crypto-leverageм
"Novogratz said his heart doctor recently lost $1 million in the collapse of Celsius.
He said the “worst is over” in the crypto industry and that while the current issues may have increased distrust among retail investors, the argument for Bitcoin is still strong, particularly as central banks around the world fight inflation.
He called Bitcoin an “anti-populist” asset that will increase in value in part because politicians in both parties spend too much.
He credited Senator Joe Manchin for rejecting more government spending.
He predicted Bitcoin will eventually reach $500,000."

[P2PECS]

Another news item in this style, but with the recent price increase, items like this I think are more wishful thinking than reality. And mind you, I too wish the worst was over and the price was going up, but to mention $500,000 now is laughable, when someone predicted last year that we would be at that price as of today.

I also remember the famous "I will eat my dick on national TV" who made similar failed predictions.  FFirst of $1,000,000 and then $500,000 by the end of 2020.

We will get to $500,000 at some point but I don't think it is very unbiased to talk about it now.

[Lucius]

I used to think that this man really meant what he said, but then it turned out that he was ready to sell his soul to the devil for profit. An intelligent person can never think that a project like Luna could succeed, even though he is just one of the millions of naive people who obviously still believe in fairy tales, but the ones that are expensive.

Throwing numbers like this without any concrete explanations really puts him in the same category as John McAfee who did the same things, albeit on a much larger scale.

[cr1776]

In the long term, I believe he is right.  If it is a "by 12/31/2022" or something specific like that, who knows.  It is just a guess. 

When you see people putting $1 million in Celsius or anything like that, you have to wonder about their common sense.  Of course if it was "common" it wouldn't need a special modifier, it would just be "sense". 

You all are right though, who thought Luna was more than vapor with some hype?  The cardiologist would've just been better buying bitcoin and sticking it in cold storage and holding it, but when you try to juice your returns with a few extra percentage without understanding the risks you can expect there is a good chance of losing the money. 

If all those people who lost 10s (100s?) of billions over the last few months had just bought and held, they'd be in much better shape.

[stompix]

I used to think that this man really meant what he said, but then it turned out that he was ready to sell his soul to the devil for profit.

I saw Novogratz, and wondered if there is a pic of his stupid tattoo in the topic, not disappointed! 
His reputation was destroyed beyond any possible recovery, his word means nothing anymore, and he has become the laughing stock for some and a source of sorrow for the ones that believed in him. Right now his opinion is on pair with the dirty socks in the laundry, zero!

What is annoying is that instead of simply doing the great exit of shame, the %$^% keeps opening his mouth, now with a bullish prediction of course to try to get some sympathy back by coming with the 500k pe bitcoin song.

Novogratz said his heart doctor recently lost $1 million in the collapse of Celsius.

I would change doctors!

We're up back to 24k and seems like every gerbil that ran 10 feet deep underground during the crash has come back up and declared everything is over!
One more dip back to 20k and all they are going to go silent again.

[bbc.reporter]

I used to think that this man really meant what he said, but then it turned out that he was ready to sell his soul to the devil for profit. An intelligent person can never think that a project like Luna could succeed, even though he is just one of the millions of naive people who obviously still believe in fairy tales, but the ones that are expensive.

Throwing numbers like this without any concrete explanations really puts him in the same category as John McAfee who did the same things, albeit on a much larger scale.

Heheheehe I agree that the person who has said it is a joker, however, is the worst really over or is he someone similar to our favorite 2018 friend Tom Lee? I want to be optimistic but what is the argument for bitcoin now? It is a weak hedge for inflation, it cannot be a reserve currency and will the fees sustain the network forever? I am afraid this reality is slowly being understood, but also being silent about it.

[Lucius]

I saw Novogratz, and wondered if there is a pic of his stupid tattoo in the topic, not disappointed! 

I posted that picture at least 4-5 times in various threads, because people still consider him as someone who is relevant to say something about Bitcoin - so although I generally don't mind that someone is trying to profit from altcoins, it bothers me that he participated in something that was doomed from the beginning, and with his advice he caused financial losses to many. I personally would be ashamed and would not go out in public for at least a while, but some people obviously have no remorse no matter what they do.

Heheheehe I agree that the person who has said it is a joker, however, is the worst really over or is he someone similar to our favorite 2018 friend Tom Lee?

I already mentioned something before about Tom Lee and Novogratz, and that is that I never thought that I would put these two in roughly the same category, but that's what happened. Tom Lee is a man who has been consistent in his statements, no matter how misguided they may have been, and honestly he always seemed very confused and hesitant to me when I watched any video where he talked about Bitcoin. When he announced the ban of Bitcoin in the US because Trump banned some kind of cigarettes (flavored or electronic, I don't remember anymore) I think he hit the bottom of his speculations.

I want to be optimistic but what is the argument for bitcoin now? It is a weak hedge for inflation, it cannot be a reserve currency and will the fees sustain the network forever? I am afraid this reality is slowly being understood, but also being silent about it.

Bitcoin has always been a decentralized cryptocurrency and that is what it is intended for, no matter what people want it to be. You worry too much about what other people think about Bitcoin and the way they treat it - because if I had respected the opinion of those around me, I would never have been as involved in Bitcoin as I am today. Bitcoin has another very important feature, it is not a political or interest project that has to fulfill a given expectation in a certain time, which means that it has a great advantage over many projects.

[bbc.reporter]

Heheheehe I agree that the person who has said it is a joker, however, is the worst really over or is he someone similar to our favorite 2018 friend Tom Lee?

I already mentioned something before about Tom Lee and Novogratz, and that is that I never thought that I would put these two in roughly the same category, but that's what happened. Tom Lee is a man who has been consistent in his statements, no matter how misguided they may have been, and honestly he always seemed very confused and hesitant to me when I watched any video where he talked about Bitcoin. When he announced the ban of Bitcoin in the US because Trump banned some kind of cigarettes (flavored or electronic, I don't remember anymore) I think he hit the bottom of his speculations.

However, is Novogratz's speculation that the worst is over correct or not? Should we as investors begin buying again and wait for the bull market to return or do we wait for a dump lower? I really want him to be correct but his Luna tattoo might be a warning sign that he might be wrong again hehehehehe.

In any case, there is also news that coins from Mt.Gox will be returned to the owners. I speculate that much of them would become the marginal sellers of this bear market and dump much of their coins causing another low.

[Lucius]

@bbc.reporter, any statement regarding the current state of Bitcoin in terms of price is just speculation based on someone's personal opinion without any concrete facts or evidence, or based on TA that is far from reliable. My feeling tells me that the worst may not be over yet, although I may be wrong and the price has reached the bottom. A serious investor knows that it is very difficult to guess the best moment, so he will invest gradually using the DCA method, regardless of the price - so he may only increase his investments during a bear market.

I think that MT.Gox is an overblown story that wants to manipulate the market in the sense that everyone will get their BTC back at one time and that everyone will sell it at the same time. However, it is known that everyone who claims their funds received a choice of payment in fiat or BTC (BCH), so we should not be afraid that some kind of mass dump will happen.

It also seems to me that I read somewhere that the payments will be made gradually, so not everyone will receive the payment at the same time. However, considering how long that Japanese drama lasts, I wouldn't be surprised if nothing happens this year either.

[Kakmakr]

I think if you are stupid enough to tatoo a "failed" Crypto on your arm..... then you lost all credibility with your followers. Anyone can make wild predictions on the Bitcoin price, because they know it is in a recovery phase... and it will most likely rise out of the ashes to hit the next all-time-high price....

The "legit" speculators with the crystal balls will put everything on the line... and they will give a specific date for those wild predictions. You only get respect when you make accurate predictions like that... backed by motivations and facts. 

[bbc.reporter]

@Kakmakr. However, the argument. Is Novogratz correct or is he becoming something similar to Tom Lee and his predictions when bitcoin was in a bear market during 2018. It was the beginning of 2018 when Tom Lee predicted that bitcoin will pump to $25,000. Also, no I am not antagonizing. I am smiling as a type this, however. I am as confused as everyone hehehehehe.