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Mike Novogratz, Chief Executive Officer of Galaxy Digital says that the story of crypto has not changed as result of the recent selloffs and is convinced “the crypto revolution has happened.” While the past “liquidation event” was undoubtedly a setback, Novogratz remains bullish on Bitcoin’s future.
In an interview with CNBC this week, the Galaxy Digital head called this week’s developments a “liquidation event” that could feel like capitulation.
Although Novogratz expects that recovery might take some time, he does not see any serious concerns considering Bitcoin’s long-term expectations:
“Humpty Dumpty never gets put back together in two days … when he cracks. It’s going to take a while. The market will consolidate. It will find a bottom somewhere. I’m hoping it’s close to here.”
The CEO added:
“The story hasn’t gone anywhere. This crypto revolution has happened, but these are certainly setbacks for the wallets and for the investor base. People lost a lot of money, so they’ll dust themselves off.”
In the interview, Novogratz went over several factors that may have all jointly contributed to Bitcoin’s downswing in recent weeks. Of course, Elon Musk’s tweets on Bitcoin mining’s energy usage were on top of the list. He said:
“A lot more people own crypto. Crypto has seeped into pockets all over our society and you had a confluence of events — a combination of tax day, Elon Musk tweets, whatnot, where you started breaking down the positivity in the price action, and now we’ve got a liquidation event.”
Novogratz confirmed his optimism over the long-term adoption of bitcoin. He said to “see a movement” with banks increasingly becoming interested in the crypto space to the extent it being impossible for them not to step in. He specifically referred to traditional banking’s fascination with decentralized finance (DeFi):
“I just see an inexorable move from financial institutions and tech companies into the crypto space,” the CEO and Bitcoin bull concluded.