2023-8-10 21:19 |
Galaxy Digital founder and CEO Mike Novogratz has shared insights on the factors that could lead to Bitcoin’s resurgence to all-time highs.
Speaking to Bloomberg Wealth host David Rubenstein on Wednesday, Novogratz mentioned that the Federal Reserve’s pivot towards monetary easing and approving a Bitcoin ETF as key events could drive Bitcoin’s price substantially higher.
Bitcoin’s price has remained sideways, hovering near $30,000 after breaching the $25,000 resistance in March. Amid regulatory issues and the Federal Reserve’s influence, the cryptocurrency has struggled to gain momentum, with experts divided on whether the next bullish phase has already kicked off or it’s just a relief rally.
Novogratz’s involvement in crypto began around 2013 before founding Galaxy Digital, an investment firm focused on digital and crypto assets, in 2018, after experiencing a successful career in traditional finance. Novogratz reminisced about his initial Bitcoin investment when the cryptocurrency was trading at around $100. He disclosed that he was convinced by a friend to go down the rabbit hole before spending three million dollars on his initial Bitcoin purchase and riding the bull market to the top.
However, Novogratz, often called an “elder statesman” of the crypto industry, acknowledged that he had been a victim of the subsequent market crash, blaming it on bad actors.
“When every Central Bank in the world just flooded the world with money as a macro asset, it was supposed to go up and then come back down and it did. It went further than it should have because, in the excitement of building this crypto industry, we attracted a lot of frauds,” he said, citing FTX and Celsius.
Novogratz also touched on the impact of major financial institutions like BlackRock entering the crypto space. He highlighted the significance of BlackRock’s involvement and its plan to launch a Bitcoin exchange-traded fund (ETF), signalling a growing acceptance of cryptocurrencies in traditional finance.
“I think the most important thing that happened this year in Bitcoin is Larry Fink got orange pilled,” he said. “As we say, orange pill is when you take a non-believer, you make them a believer in Bitcoin and Larry was a non-believer. Now, he says this is going to be a global currency…that’s kind of huge.”
That said, despite the recent challenges faced by the crypto industry, Novogratz remains a staunch believer in the resilience of the crypto community. He acknowledged the industry’s toughness and compared it to the equity community, noting the religious zeal that many in the Bitcoin community possess.
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