The bear market affects the operational performance of the crypto industry. However, it seems to have little impact on the overall perception that players have of the market’s dynamism in the medium and long term. Many of them continue to speak out about the latter.
Mike Novogratz believes in transforming the crypto market
At the beginning of 2023, Mike Novogratz, the boss of Galaxy Digital expressed his skepticism about the prospects of the crypto market. He said, in particular, in January, that he did not see anything interesting for this industry, this year.
But the manager’s opinion about the crypto market has changed recently. Now, Mike Novogratz instead believes that everything is coming together to boost the attractiveness of the crypto industry in the month ahead. In a recent interview, the manager clarified his opinion.
If this has changed, it is largely because recent developments in the sector have positively influenced it. Notable advances which, according to Mike Novogratz, highlight the relevance of the crypto market for investors.
Among this remarkable progress is the Bitcoin ETF application introduced a few weeks ago by BlackRock. Mike Novogratz has also facilitated Larry Fink, the CEO of the company, to have also changed his mind about bitcoin (BTC).
The valuation of the latter could, according to him, rise and exceed its historical level of $69,000. Provided, however, that the Federal Reserve is a little more accommodating in its economic approach.
Among other developments that should impact the crypto market, Mike Novogratz cites the SEC’s defeat against Ripple. A “huge victory” he said, especially as it highlights the need for greater regulatory clarity for the crypto ecosystem.
Regarding the latter, the head of Galaxy Digital spoke about the entry into the market of Worldcoin (WLD). Mike Novogratz wants to be cautious about any investment in this project initiated by the founder of ChatGPT. This, precisely because of the unresolved debates around artificial intelligence (AI).
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