Billionaire Mike Novogratz: BTC & ETH Are Not Going Away!
With the fall of major crypto exchange FTX, confidence in cryptocurrencies has seemed to falter among investors and institutions. Despite this, billionaire Mike Novogratz claims cryptocurrencies aren’t going to disappear that easily.
Crisis Of Confidence
In a recent interview with the CNBC, billionaire and chief executive of crypto investment firm Galaxy Digital Mike Novogratz talked about the major impact that the fall of FTX had on the industry, with Novogratz admitting that it had caused a massive ‘crisis of confidence’ in the crypto industry.
“We certainly have a crisis of confidence in this market, and we’re not out of the woods yet. There’s a lot of daisy chain effect going on,” he says.
“People had exposure to Three Arrows (Capital) and people had exposure to FTX, and FTX was a major player. So it’s going take a few weeks for people to just to even get their balance back.”
Bitcoin & Ethereum Staying
Despite the massively negative impact that FTX’s fall and other crypto companies’ falls this year has had on the crypto industry as a whole, Mike Novogratz claims that Bitcoin and everything else will still continue on strongly.
Novogratz argues that way too many people have already invested their funds and net worth into these decentralized systems for it to fail.
“Bitcoin’s not going away. There are 150 million people that have decided to store some of their net worth in Bitcoin, into this decentralized community that’s verified by cryptography, and so, in no world is Bitcoin going away, or quite frankly, the blockchain in Ethereum and everything else.”
The billionaire even claims that many investors are seeing the low crypto prices right now as buying opportunities rather than signs to stay away.
“I do think you’re going to see people like [ARK Invest CEO] Cathie Wood come in and inject capital in time.” Novogratz says, “I don’t think it’s gonna be a V recovery but any stretch. It’s going to be a grind out of rebuilding trust. Centralized companies are going to have to do things differently.”