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Two giants of the financial world, Galaxy Digital CEO Michael Novogratz and SkyBridge Capital founder Anthony Scaramucci, discussed the future of Bitcoin (BTC) amid global economic uncertainty in their latest broadcast.
Despite the overall market pessimism, the speakers emphasized Bitcoin's resilience and long-term potential.
"If the Bitcoin business model were to end, its price would drop much more significantly."
In response to Bitcoin's decline from $100,000 in January to the $60,000 range, Michael Novogratz described this process as "liquidity drain." Novogratz explained that forced sellers are withdrawing from the market, adding:
"I'm absolutely convinced that the Bitcoin business model has ended. If it were a stock and its business model was considered finished, its price would have dropped substantially. But Bitcoin maintains its position."