Mike Novogratz Predicted a New Wave of Bitcoin Rate Growth

The head of Galaxy Digital said when the cryptocurrency will again begin to rise in price and for what reason.

In the next 6-24months, the cryptocurrency market expects growth, believesGalaxy Digital head Mike Novogratz. According to him, financial consultants will accept the first cryptocurrency as a means of accumulation. Otherwise, the prospects for Galaxy Digital will become extremely uncertain, said Novogratz in an interview with CoinDesk.

Billionaire believes that digital money receivedprimary distribution due to retail investors, but as they develop, they should attract the attention of larger players. One of the factors that could positively affect the prospects of bitcoin, the investor called the measures that the Fed uses to support the economy in a crisis caused by the spread of Covid-19.

“Within a week after the start of the Fed crisisprinted more dollars than for the entire period 2008-2009. Mom told me that money doesn’t grow on trees, but now this is exactly what’s happening, ”Novogratz claims.

He admitted that Galaxy Digital has begunIt’s too early to try to attract institutional investors to the cryptocurrency industry. Three years ago, the company already communicated with major players in this regard, but they were not interested. Now the conditions are emerging for a new attempt, the billionaire believes.

“If a small number of hedge funds go into thisspace, then my company is screwed up. Galaxy may continue to invest in cryptocurrencies and other business areas, but the real core of our offer is serving institutional customers. If they do not come, then with luck we are all bad, ”said Novograts.

For the first year of operation, Galaxy Digital sufferedlosses of $ 272.7 million. In the summer of 2019, she was able to partially recover the losses, but in the fourth quarter of the same year the loss amounted to $ 97 million. Losses of the company's trading division overlap the profits of all other business lines. For example, only on the WAX ​​game token did the company lose $ 47 million.

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