Billionaire Mike Novogratz says bitcoin and ethereum aren’t going away despite crisis of confidence in crypto
The chief executive of crypto investment firm Galaxy Digital says the top two digital assets are going nowhere despite widespread negative sentiment in the industry.
In a new interview on CNBC’s Squawk Box, billionaire Mike Novogratz says he can’t see crypto queen Bitcoin (BTC) and leading smart contract platform Ethereum (ETH) going under despite a crisis of confidence rocking crypto markets.
“We certainly have a crisis of confidence in this market and we’re not out of the woods yet. There’s a lot of daisy chaining and people have been exposed to Three Arrows [Capital] and people were exposed to FTX, and FTX was a major player. So it will be a couple of weeks before people even regain their balance.
Bitcoin isn’t going away. There are 150 million people who have chosen to store part of their net worth in bitcoin in this decentralized community that is verified by cryptography and so there is no way bitcoin is going away, or frankly, the blockchain in ethereum and everything else . ”
Galaxy Digital CEO goes on to say that while he expects a recovery for the crypto industry, he expects a slow uptrend rather than a quick breakout.
“I think you will see people like that [ARK Invest CEO Cathie Wood] Come in and inject capital in time. I don’t think it will be a V-recovery, but any stretch. It will be torture to rebuild trust. Centralized companies will have to do things differently.”
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