Mike Novogratz Says Bitcoin Is Not Going Away

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Alex Dovb­nya

Galaxy Dig­i­tal boss Mike Novo­gratz remains opti­mistic about Bitcoin’s future, but he pre­dicts that a lot of small­er projects will end up being wiped out 

In a recent inter­view with CNBC, Mike Novo­gratz opined that Bit­coin, the world’s largest cryp­tocur­ren­cy, was not going away in spite of the mas­sive crisis. 

How­ev­er, he believes that a lot of tokens will end up being washed out. Only those cryp­tocur­ren­cies that have some util­i­ty will be able to sur­vive this cryp­to win­ter, accord­ing to the cryp­tocur­ren­cy mogul. 

The cryp­tocur­ren­cy mogul also doesn’t see the mar­ket hav­ing a swift and smooth recov­ery giv­en that the indus­try will have to rebuild trust. 

Speak­ing of the FTX deba­cle, Novo­gratz described it as “shock­ing.” He added that dis­graced founder Sam Bankman-Fried “cer­tain­ly” did things that were illegal. 

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As report­ed by U.Today, the Galaxy Dig­i­tal boss recent­ly com­pared FTX to the infa­mous biotech scam Ther­a­nos. At that point, Novo­gratz was still hes­i­tant to say whether FTX was ille­gal or sim­ply immoral. 

At the same time, Novo­gratz is con­vinced that the col­lapse of the sec­ond-biggest exchange was not an indict­ment of cryp­to itself. 

The bil­lion­aire has acknowl­edged that cryp­tocur­ren­cy assets were in the mid­dle of a bubble. 

Bit­coin and Ethereum are down 76.21% and 76.20% from their record peaks, respectively. 

As report­ed by U.Today, Novo­gratz recent­ly pre­dict­ed that the price of Bit­coin could reach $500,000 in just a cou­ple of years. 

In the mean­time, Cathie Wood recent­ly dou­bled down on her firm’s $1 mil­lion price call. 



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