Galaxy Digital CEO Mike Novogratz says that despite massive sell-offs across a broad range of cryptocurrencies, the story of crypto has not changed and â€œthe crypto revolution has happened.â€ While viewing the current market as a â€œliquidation eventâ€ and a setback, Novogratz still believes in the long-term adoption of bitcoin.
Crypto Revolution Amid â€˜Liquidation Eventâ€™
The Galaxy Digital CEO has long been pro-bitcoin. In his view, recovery will take some time. â€œHumpty Dumpty never gets put back together in two days â€¦ when he cracks,â€ he opined. â€œItâ€™s going to take a while. The market will consolidate. It will find a bottom somewhere. Iâ€™m hoping itâ€™s close to here.â€ However, Novogratz emphasized:
Commenting on a recent JPMorgan research claiming that investors are moving away from bitcoin into gold, Novogratz remained optimistic on the long-term adoption of bitcoin.
â€œI see a movement,â€ he further shared, adding that he was out with two bank CEOs last month and both were fascinated with decentralized finance (Defi). â€œI just see an inexorable move from financial institutions and tech companies into the crypto space,â€ he affirmed.
Novogratz pointed to several factors behind the falling price of bitcoin in recent weeks, including comments from Tesla CEO Elon Musk regarding bitcoin miningâ€™s energy usage after Tesla decided to stop accepting bitcoin for payments.
The Galaxy Digital executive concluded:
Do you agree with Mike Novogratz about bitcoin and the crypto revolution? Let us know in the comments section below.
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