Although the price of Bitcoin has plummeted, BTC is the Internet of value transfer: Novogratz

The cryptocurrency market returned to major price fluctuations, followed by Bitcoin (Bitcoin) Prices plummeted on Tuesday, the biggest cryptocurrency of the day Become the legal tender of El SalvadorBut for many crypto veterans, including Mike Novogratz, CEO of Galaxy Digital, this is not surprising.

Billionaire Bitcoin bull market interviewed by Bloomberg Said Cryptocurrencies are still dominated by retail investors, who are “too excited” about the recent interest in institutions such as Visa and Amazon.

People are realizing that “cryptocurrencies are not just bitcoins bought to hedge against bad monetary and fiscal policies,” he said. “But perhaps, more importantly, it is Web 3.0. This is the Internet of value transfer.”

Novogratz stated that retail investors hold leverage for a long time for good reasons. He emphasized the recent news that financial and retail giants are friendly to cryptocurrencies, such as Visa’s purchase of irreplaceable tokens and Describe them as a promising medium, And Wal-Mart’s Pursue encryption product leadership, along with Amazon’s job postings for crypto experts.

“People realize that this is a technology, and no investor wants to miss the next Internet. This is the next Internet.”

Novogratz said investors were so excited that the price drop on September 7 was “a little air coming out of a balloon.”

Since his company Galaxy Digital is Plans to complete the acquisition of BitGoAs the infrastructure provider of the official Bitcoin wallet in El Salvador, Novogratz also commented on the troubled start of the Chivo wallet.

related: El Salvador says merchants must process BTC transactions – otherwise they may face action

Chivo Wallet issued by the country experienced The server capacity is wrong, but Novogratz believes that the technical problem will be resolved over time. He said the real question is how the system will operate in 6 or 12 weeks, adding that it is not easy to carry out such projects on a large scale.

Novogratz’s comments are consistent with several analysts Who points to over-leveraged traders After the price of Bitcoin plummeted. On September 7, the largest cryptocurrency plummeted to 43,000 U.S. dollars, clearing more than 3.54 billion U.S. dollars in the derivatives market. As of press time, BTC is hovering around US$45,000.