The founder of Galaxy Digital Holdings, an American crypto services company, was interviewed by CNBC. Mike Novogratz made several relevant statements during his interview. He spoke in particular about the two main cryptos which, in his opinion, will succeed in getting out of the bear market. He also discussed the bankruptcy of the crypto exchange FTX and its consequences.
Bitcoin and Ethereum: sustainable blockchains, according to Mike Novogratz
During his interview, billionaire Mike Novogratz asserted that bitcoin (BTC) and ether (ETH) will see the end of the tunnel, in these turbulent times. He suggested that both of these cryptos are durable and will not decline despite the strong downtrend. “Bitcoin is not going away. There are 150 million people who have already decided to store part of their net worth in bitcoins. […] Under no circumstances will bitcoin disappear“said Novogratz
The CEO of Galaxy Digital Holdings also indicated that the Ethereum blockchain will be another bear market survivor. He suggested that the current situation is suitable for buying BTC and ETH tokens, as they are promising. He still acknowledged that the prices of these cryptos could fall further (slightly). According to Mike, when that happens, investors will come “inject capitalin these markets.
A few weeks to regain balance?
According to Mike Novogratz, there are currently “a crisis of confidencein the crypto market and it could go on for a long time. However, the leader believes that investors will manage to regain their balance in a few weeks. He acknowledged that the collapses of Terra, Three Arrows Capital and FTX were real blows to the crypto industry.
The billionaire also emphasized that CEXs are useful to the crypto ecosystem. As such, he believes they must work to build trust with their customers. To do this, they should rely on transparency and risk management. “It’s always about building trust with your customers, and right now we’re in a trust deficit.“, explained Mike.
The CEO of Galaxy Digital Holdings pointed out that recent major meltdowns have made investors more wary. “People think there’s a black swan on every corner, everyone else is sociopaths and says one thing and does another“, he explained.
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