Michael Novogratz, CEO of Galaxy Digital, has said that most investors liquidating positions in Grayscale's GBTC will move the funds to other Bitcoin ETFs, which will offset the current weakness in BTC.
According to him, six months from now Bitcoin will be valued higher than it is now.
He has stated:
"Let’s not miss the forest through the trees. It’s now gonna be far easier for boomers to buy corn. And you can get 4x5 times leverage on this BTC exposure. This indigestion will end and BTC will be higher in 6 months."
Novogratz has thus responded to the statements of analyst Chris J. Terry, who has warned about Bitcoin weakness in the short term due to the exit of GBTC investors.
According to him, the trend will remain relevant for the next few weeks, until the process is fully completed.