Galaxy Digital cryptocurrency bank founder Mike Novogratz told CNBC in a commentary that the US cryptocurrency community has taken the lead in a bear market with its origins in Asia.
"We see Asia selling it [bitcoin] off and the US buying it back. China has declared war on the crypto industry as part of a wider cold war that we are getting into," he stressed.
Novogratz also pointed to the possible correlation of bitcoin in diversified portfolios. He said some hedge funds are selling some of the digital gold because the asset is reducing their positions.
"It will take some time to create a more diverse investor base," he said.
Earlier, Novogratz called the exodus of miners from China a "big plus" for the crypto industry. He said that China's repressive policies would not hinder bitcoin's development.
Recall that in June, the founder of Galaxy Digital noted that digital gold will never become a payment instrument because its blockchain is not suited to it.