In a recent interview with Bloomberg, Bitcoin bull Mike Novogratz, CEO of cryptocurrency merchant bank Galaxy Digital gave some key insight into his personal outlook for blockchain-based assets and decentralized applications.
According to Novogratz, Bitcoin (BTC) will likely become digital gold, subsequently joking that the asset will become a “legal pyramid scheme that will survive and thrive over the long haul.
Novogratz admitted that he lost money during the 2018 slump due to bad market calls, but that doesn’t dampen his long-term outlook that crypto is a revolution whose time has come.
Novogratz explained that “revolutions don’t happen overnight,” adding that it became apparent that 2017’s monumental rally was a bubble when “people would come up to me wanting to take selfies,” as by then, it was clear that crypto assets were slated to plateau and pullback.
But how exactly this bitcoin revolution is expected to happen is not entirely clear—nor is how long it might take.
While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying, 'This is going to change the world.'"
However, he is confident that his company, Galaxy Holdings, will break even in the near future. Market speculation has suggested that Bitcoin price has bottomed and that there is nowhere to go but up, and in that sentiment, he said they are “not nervous, we’re just frustrated that our investors have lost money”.