Bloomberg Technology recently posted an interview with Michael Novogratz, CEO and Founder of Galaxy Digital. During the interview, Novogratz talked about market volatility and the challenges faced by bitcoin (BTC) this year. He also talked about the Fed’s monetary policy and how it fights inflation. Find out how Novogratz thinks the markets for assets like bitcoin (BTC) and ether (ETH) can end the downtrend.
Innovation and macro conditions: the keys to having an uptrend
During the recent interview, billionaire Mike Novogratz speak catalysts that can help cryptos enter an uptrend. He explained to the presenter of Bloomberg TV that Bitcoin and Ethereum will be able to exit the bear market through innovation. The CEO of Galaxy Digital clarified that bitcoin (BTC) will have to rely particularly on the macro environment.
” For bitcoin, it’s a macro thing. But, for the rest of crypto, the Ethereum ecosystem, and all the other layer 1 and layer 2 blockchains being built, and what’s being built on top of them, it’s an inevitable march that begins. just to change the way we actually operate“said Novogratz.
Towards a tokenization of assets, according to the founder of Galaxy Digital
The CEO of Galaxy Digital noted that venture capitalists continue to invest big money in the crypto industry. He said $5 billion in venture capital entered the sector last quarter. In the previous quarter, the amount of venture capital was at $9 billion.
Among the entities that finance crypto projects, we find the biggest players in traditional finance. These include Citadel, JPMorgan, Bank of New York and BlackRock. In this context, Mike Novogratz expects us to come to “asset tokenization“. “We are going to see digital money in the form of a stablecoin“, he said.
For the founder of Galaxy Digital, digital assets will successfully exit the bear market through innovation and depending on macro conditions. Novogratz clarifies that cryptocurrency “keep it really exciting“. He expects cryptos to become investors’ favorite assets when the uptrend returns.“I think when you see things turn around, the digital space, the crypto space will be a favorite child”he concluded.
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