Galaxy Digital’s Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs’

Bitcoin proponent, Mike Novogratz is still “most excited” about the world’s leading cryptocurrency but “if it doesn’t go all out by the end of the year I think I might just hang my spurs,” he said.

“We should have doubled within six months, we really should, this is the time, maybe within the end of the year, no retesting the old highs again,” said Novogratz.

The founder and CEO of Galaxy Digital shared this on CNBC’s “Closing Bell” where he said with central banks printing money, it feels like money is growing on trees. And this is the perfect setting for bitcoin, the hard asset.

Novogratz said “one story that is so crystal clear right now is bitcoin,” while central banks around the world monetize their debt.

“We’re going to have four or five six trillion dollars of fiscal debt monetized by this and literally it is a printing press. It’s exactly why bitcoin was created.”

After ending the quarter first of 2020 with a negative, 10% loss, bitcoin was off to a good start in April. Yesterday, the digital asset jumped above $7,000.

The leading crypto asset is currently up over 80% from the $3,850 low it put in mid-March. The violent sell-off in the crypto market that was in line with the stock market, however, saw increased interest from retailers. As we reported, from Coinbase, Kraken, to BitBank, Luno, and others, everyone saw record trading volume and signups.

But institutions might also be in for stacking some stats by buying the dip.

“I am seeing investors I never saw before, hedge fund investors, high net worth investors getting into Bitcoin for the first time.”

But, as we have been seeing the liquidity crunch that resulted in everything from the stock market, to gold being sold -off, the dollar rose as everyone scrambled for USD. However, according to Novogratz, that’s always the first reaction.

“What’s the first reaction is to get to safety. All of a sudden though people are going to say, wait a minute what are you doing in the dollar.

So, that’s when we come up with the next fiscal package which they’ll come up with, I’m sure within the next four months another two or three trillion dollars because the first one wasn’t enough.”

And this will be when more and more people will be getting into bitcoin, he said just like he’s “seeing it as we speak. I’m getting calls from real big investors who had never thought about it before are saying ‘tell me about this bitcoin.’”

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Author: AnTy

Webjet Debuts New Hotel Booking Verification Blockchain based on Microsoft Azure

Webjet, a leading digital travel agent is excited to launch its blockchain platform with an objective of eliminating the existing disparities in hostel booking processes and data. The new project, Rezchain, is an application that will help address overcharges and reservation snafus in hotel booking by tracing data mismatches between booking agents, hostels and customers.

According to the company, such errors occur in about 5% of all hotel bookings. The application will send alerts to the interested parties if any are found. Such errors cause many firms to suffer financial resource losses. Besides the financial exposures, the reconciliation process is painful and time-consuming.

Webjet was launched two decades ago in 1998 as an online travel agent company operating in North America, Southeast Asia and Australia. The company has a project called WebBeds that offers a Business-to-business accommodation online platform.

“Mistakes should be expected from multiple IT systems that speak different languages. Writing off debts remains as the last resort whenever the situation is not clear. That has been a cost of doing business for decades, but the industry does not have to suffer from that anymore,”

said John Guscic, the managing director at Webjet.

Webjet believes it will leverage blockchain technology distributed nature by employing early warning systems via Email and a “virtual handshake”. Rezchain will store information in a shared ledger which will give all parties interested in online booking access to timely information. The application has been built on what we can refer to as a private version of Ethereum.

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Author: Denis Miriti