January 14, 2021

Michael Novogratz is a Canadian billionaire and founder of Galaxy Digital Holdings, just one of the many publicly traded companies accumulating more and more Bitcoin at a large-scale as an alternative to holding traditional cash in their reserves. He’s always been bullish on Bitcoin, but now Novogratz believes incoming U.S. President Joe Biden is going to send bullish sentiment about cryptocurrencies to the next level. That’s part of the reason he’s predicting a $500,000 Bitcoin price in the near future.

The Biggest Reason Novogratz Thinks Biden Will Be Great for Bitcoin

There is a good chance that President Biden is going to hire a former Goldman Sachs employee named Gary Gensler as the next chief of the United States Securities Exchange Commission. Novogratz and Gensler worked together with the company and Novogratz believes his former colleague will be very friendly to cryptocurrencies.

Where many crypto and political experts fear that increased regulation in the space will lead to the censoring of the individual investor and the quelling of enthusiasm for new projects and innovations in the space, Novogratz thinks that the opposite will happen. There also may be another reason for his optimism that’ll have even more of an impact on the price of Bitcoin.

$2 Trillion in Stimulus Money Is on the Way

Brian Deese is the new leader of the United States Economic Council working under the Biden Administration. Deese went on the record at a conference yesterday stating that in comparison to the $1,200 stimulus check Americans received last spring, this time they will get $2,000 checks.

As you know cryptocurrencies allow investors like you to hold onto your value regardless of which country you live in, so if you’re a Canadian holder of Bitcoin, this is good news for you too. According to The Next Web, many of the $1,200 stimulus checks handed out last time around resulted in a very high volume of Bitcoin purchases for exactly $1,200.

Investors who took on that risk purchased roughly 0.179 BTC, which today is worth nearly $9,000 Canadian. That’s close to a 600% return on investment. With institutional investors continuing to buy the dips, what do you think investors are likely to do with their next stimulus check? You may know the answer.

Buy Bitcoin at Netcoins

You don’t have to be American to get in on the stimulus frenzy. Register for a free account on a top cryptocurrency exchange in Canada like Netcoins. You can use email transfers, bill payments or wire transfers to turn Canadian dollars into Bitcoin, Ethereum, U.S. Dollar Tether tokens or Canada’s own stablecoin, QCAD. Even if you don’t win in the short term, you’ll be bullish in the long term. Just ask Michael Novogratz.

Thanks for reading. For more blogs on all things Bitcoin, you can read more here.

Buying bitcoin is easy with Netcoins. Create an account, fund it with an e-Transfer (other funding options available), and head to the trade page to buy or sell bitcoin. Netcoins is a fully regulated, publicly owned crypto trading platform.