The CEO of crypto investment company Galaxy Digital has said that Bitcoin and Ethereum will not leave the market – even as a crisis of confidence shakes the crypto markets.
Mike Novogratz noted that the crisis of confidence in the cryptocurrency market is still ongoing. There is a ripple effect for companies that have been linked to FTX and Three Arrows Capital:
“Companies will need several weeks to rebalance. But Bitcoin will not disappear. There are 150 million people who have chosen to store some of their wealth in Bitcoin, in this crypto-backed decentralized community. Therefore, Bitcoin, Ethereum will not disappear. And other cryptocurrencies too.”
Novogratz expects the recovery of the crypto industry and its slow growth.
“I really think you will see people like ARK Invest CEO Cathy Wood coming into the crypto market soon and investing. I don’t think it will be a quick recovery. It will most likely take a long time. Rebuilding trust will not be easy. Centralized companies will have to act differently,” the businessman said.
Back in June, Galaxy Digital founder Mike Novogratz predicted that Bitcoin would not fall below $20,000.
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