Billionaire Mike Novogratz Warns Bitcoin and Crypto Carnage Far From Over

Galaxy Digital CEO and billionaire Mike Novogratz says he doesn’t think the crypto markets will bounce back any time soon.

In the 2022 Galaxy Digital Q1 investor call, the CEO of the investment management firm says even though increased adoption from traditional finance firms has kept him optimistic about the crypto space overall, he’s not bullish on the next few quarters.

“Crypto probably trades correlated to the NASDAQ until we hit a new equilibrium… My instinct is there’s some more damage to be done, and that will trade in a very choppy, volatile and difficult market for at least the next few quarters before people getting some sense that we’re at an equilibrium. At that point I’m actually quite optimistic.”

This week, Galaxy Digital announced a net comprehensive loss of $111.7 million in Q1 due to the large digital asset price declines. The firm gained $858.2 million in the prior year period.

Novogratz says that Galaxy Digital is holding strong despite the turbulence.

“Galaxy demonstrated yet another strong quarter against the backdrop of digital asset price declines, and I am proud to see the durability and sustained profitability of our operational business lines, including record contributions from our Investment Banking and Mining segments.”

Novogratz predicts top crypto asset by market cap Bitcoin (BTC) will hold around $30,000 while leading smart contract platform Ethereum (ETH) will hold the $2,000 mark. Bitcoin is trading at $30,888.27 at time of writing and Ethereum is currently priced at $2,348.21.

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Featured Image: Amelia Murphy/Shutterstock/Natalia Siiatovskaia