Mike Novogratz: DCG & Gemini Crisis Won’t Affect Crypto Prices!

Mike Novogratz: DCG & Gemini Crisis Won’t Affect Crypto Prices! 

Recently, in a Jan. 10 interview on CNBC’s Squawk Box, CEO of crypto investment manager Galaxy Digital, Mike Novogratz, shared his views and predictions on the crypto industry for this upcoming year, including his predictions on the current crisis surrounding Digital Currency Group, Genesis, and Gemini.

Rebuilding Crypto

According to Novogratz, 2023 will be a year to focus on surviving this transition period following so much turmoil that happened in 2022, including the collapse of FTX and other major market meltdowns that happened.

“2022 was a grand washout for growth stocks and for crypto.” Novogratz told CNBC, “The outlook for crypto is not horrible, but it’s not great.”

“We’ve got regulatory headwinds that we didn’t have before. We’ve got time to heal and rebuild narrative and so people are going to cut costs and survive this transition period.”

Related: Binance Bleeding Assets, More Than $12 Billion Gone In 60 Days!

DCG’s Effect On The Market

Mike Novogratz also goes on to talk about the fears and uncertainty surrounding the ongoing crisis between Digital Currency Group (DCG) which owns the digital asset brokerage Genesis and their fraud accusations from Gemini cofounder Cameron Winklevoss. 

The Galaxy Digital CEO says that he thinks although the crisis between the two major crypto firms is not good news, it won’t necessarily affect cryptocurrency prices all that much.

“There are still some overhangs — DCG and Genesis and Gemini — that will play out in the next quarter. That’s not going to be great,” Novogratz said, “I don’t think it will include a lot of selling, it’s just not good news.”

Related: Crypto Goes Green To Start The Year, Here Are The Top Gainers!

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