Galaxy Digital CEO Mike Novogratz is expressing bullish sentiment on crypto as Bitcoin (BTC), Ethereum (ETH) and other digital assets record huge year-to-date rallies.
In a Galaxy Digital earnings call, Novogratz says that the “market feels strong” and crypto prices are likely to go up over the coming months.
According to Novogratz, retail investors are driving the rally as the two blue-chip cryptos have outperformed other asset classes.
“I’d say it again – Bitcoin and Ethereum have been the best risk-adjusted investments over two years, three years, four years, this year year-to-date, and retail gets that.
This has been their way of participating in financial markets, or one of their ways, and a lot of the price appreciation is coming from retail, and so we see that not directly because we don’t do retail directly, but we do a lot of Business-to-Business-to-Consumers and so we see it through counterparties of ours.
But the market feels strong, and when I look at it technically on charts, we’ve had big weekly closes. I’m surprised to hear myself say this given where my mindset was in late December, but it would not surprise me if we were substantially higher three months, six months, nine months from now.”
The Galaxy Digital CEO says that crypto assets are having their “moment” amid a banking crisis and high inflation rates.
“This is crypto’s moment. Crypto was, in lots of ways, created for this point, right? Satoshi Yakamoto way back in 2009 worried about the breakdown of the legacy financial system. He worried about populism infecting our politics and a constant printing of fiat currencies and a debasement of money, and created Bitcoin.
Bitcoin really was the first decentralized store of value or money which then really gave birth to this whole industry of a decentralized revolution.
There is nothing like a banking crisis in the United States, where one day Silicon Valley Bank is healthy and three days later it’s out of business, where Signature Bank is a key part of the infrastructure for lawyers in America, for crypto, for real estate in New York, and a week later it’s out of business to remind you that our system is fragile.
We have been on a debt orgy, literally gorging ourselves with cheap money for years, really post-’08 certainly, and have built up a debt-to-GDP in this country that might be unsustainable.”
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Source: https://dailyhodl.com/2023/03/30/billionaire-mike-novogratz-predicts-substantially-higher-crypto-prices-amid-banking-woes-heres-the-timeline/