While leaving the month of November behind, many events took place in the crypto money markets. After the crisis in FTX, investors seem to have increased their research and inquiries. The CEO of cryptocurrency investment firm Galaxy Digital spoke about the widespread negative sentiments within the industry. cryptocoin.comAs we, we bring you the thoughts of billionaire Mike Novogratz on 2 cryptocurrencies.
Galaxy Digital CEO reveals he sees a bright future for these 2 cryptocurrencies
CEO Mike Novogratz says that these 2 cryptocurrencies will rise no matter how unfavorable the conditions. Participating in CNBC’s Squawk Box, the name talked about the negative conditions in the crypto markets. In his speech on the programme, billionaire Mike Novogratz states that there is a crisis of trust. He also says that while this will hurt the crypto markets, it will not affect Bitcoin (BTC) and the leading Smart Contract platform Ethereum (ETH).
Novogratz made the following statements in his speech:
We are definitely experiencing a crisis of confidence in this market and we are not out of danger yet. There are many ongoing Ponzi scheme effects. However, people have had exposure to Three Arrows Capital. Then they had the crisis in FTX and FTX was one of the key players. So it will take several weeks for people to even regain their balance.
Mike Novogratz explains his views on BTC and ETH
Galaxy Digital CEO also talked about BTC and ETH as crypto markets start to recover. According to the CEO, Bitcoin has proven its power to the industry. However, he states that he has the same opinion about the blockchain network within Ethereum. CEO says:
Bitcoin is not going. There are 150 million people in this decentralized community, verified by cryptography, who have decided to store some of their net worth in Bitcoin. Therefore, Bitcoin cannot be eliminated in any world. Frankly, it’s the same with the blockchain on Ethereum and everything else.
Galaxy Digital CEO states that he expects a recovery for the crypto industry. As a result, Novogratz said that instead of a rapid rise, he expects a slow rise:
I think you’ll see people like ARK Invest CEO Cathie Wood arrive on time and inject capital. I don’t think this will be a V recovery but it could create any tension. Rebuilding trust will be grueling. Central companies will have to do things differently. We will witness all developments together.
Many investors and analysts state that it will take time for the crypto industry to recover. In addition, according to analysts, it is possible that the crises experienced in new stock markets day by day will bring new problems. Generally speaking, the current crypto winter is said to be getting longer.
