The recent crash in the crypto market has left many traders and investors hopeless. However, cryptocurrency billionaire Mike Novogratz is not that pessimistic. The famous billionaire describes Blackrock’s entry into the crypto space as ‘monumental’ in the current cycle. Also, Novogratz shares a sensation he got from a little bird about Fidelity.
“Crypto is always about narrative”
cryptocoin.com As you follow, although the crypto market has started a recovery move, it is not out of winter yet. A discussion at the SALT conference on “To the Moon and Back: A Macro View for Digital Assets” brings great insights into the current scenario. Thomas Farley, the new CEO of crypto exchange Bullish, says cryptocurrencies are on the decline in the short term. However, he notes that in the long run it is ‘incredibly on the rise’. Additionally, he notes that despite the various downsides, there are some people around the technology that are of great benefit.
Mike Novogratz, CEO of Galaxy Investment, is not so pessimistic about crypto in the short term. He says the utility of blockchain projects should start to make an impact on the market in the coming future. Novogratz notes that it is more about the narrative about crypto projects than the product itself. In this context, the cryptocurrency billionaire makes the following statement:
Crypto is always about narrative. In the 2017 bubble, it was probably 95% narrative and only 5% real product. In the 2021 bubble, probably 70% narrative and 30% product emerged.
Institutions walking into the cryptocurrency industry
Mike Novogratz describes Blackrock’s entry into the crypto space as ‘something monumental’. The biggest asset manager adding crypto to Aladdin was the biggest thing for the industry, he adds. At the SALT conference, he announced that he is the world’s largest asset manager with the largest platform that wants in crypto. “Fidelity will soon start providing crypto services to retail investors,” says the CEO of Galaxy Investments. Novogratz hopes that the bird is right on this issue. Regarding corporate listings, the famous billionaire makes the following assessment:
We see a corporate march. And Bitcoin has a good story. This week we will be performing Ethereum Merge. It’s a huge tick of approval for a decentralized project like Ethereum to achieve something this important. But in Ethereum’s case, Merge is changing the supply and demand dynamics of the cryptocurrency.
Mike Novogratz notes that in general, Bitcoin and Ethereum together make up two good bullish stories in the crypto space. He adds that there may not have been a lot of institutional money flowing into crypto until last year. Mike Novogratz also states that recently, Bitcoin has not exceeded $ 30,000 in the near future. He also says that not much institutional money is coming into the cryptocurrency space in the short term.
