Billionaire Mike Novogratz says Bitcoin and Ethereum aren’t going away despite crisis of confidence in crypto
The CEO of crypto investment firm Galaxy Digital says the top two leading digital assets are not going anywhere despite widespread negative sentiment in the industry.
In a new interview on CNBC’s Squawk Box, billionaire Mike Novogratz says he doesn’t see crypto king Bitcoin (BTC) and leading smart contract platform Ethereum (ETH) going under even as a crisis of confidence rages in the crypto markets.
“We certainly have a crisis of confidence in this market and we are not out of the woods yet. There is a lot of chain effect going on and people were exposed to the Three Arrows [Capital] and people had exposure to FTX, and FTX was a major player. So it’s going to take a few weeks for people to just get their balance back.
Bitcoin is not going away. There are 150 million people who have decided to store some of their net worth in Bitcoin, in this decentralized community verified by cryptography, and then, in no time, Bitcoin disappears, or quite frankly, the Ethereum blockchain and everything else. “
The Galaxy Digital CEO goes on to say that while he expects a recovery for the crypto industry, he expects a slow grind upwards rather than a quick breakout.
“I think you’re going to see people who [ARK Invest CEO Cathie Wood] come in and inject capital on time. I don’t think it’s going to be a V refund, but whatever. It’s going to be a ploy to rebuild trust. Centralized companies have to do things differently.”
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Featured image: Shutterstock/Swill Klitch
