bitcoin liquidation, Bitcoin Price, Bitcoin Revolution, capitulation, crypto liquidation, crypto price, crypto revolution, falling prices, massive sell-offs, Mike Novogratz

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 “the crypto revolution has happened.†While viewing the current market as a “liquidation event†and a setback, Novogratz still believes in the long-term adoption of bitcoin.

Crypto Revolution Amid ‘Liquidation Event’

Mike Novogratz shared his view on the crypto market in an interview with CNBC this week. He calls the bitcoin plunge a “liquidation event†that feels like capitulation.

The Galaxy Digital CEO has long been pro-bitcoin. In his view, recovery will take some time. “Humpty Dumpty never gets put back together in two days … when he cracks,†he opined. “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.†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.

“I see a movement,†he further shared, adding that he was out with two bank CEOs last month and both were fascinated with decentralized finance (Defi). “I just see an inexorable move from financial institutions and tech companies into the crypto space,†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 mining’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.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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