Cryptocurrency Market Will Flip Next Year According To Mike Novogratz

Ex-Goldman Sachs partner and founder of Galaxy Digital, Mike Novogratz is in today’s crypto news for expressing his belief that cryptocurrency will ‘’flip next year’’ while talking in an interview by the Financial Times on November 23.

While explaining, Novogratz noted that ‘’this year has been challenging’’ for the company that hopes to become the Goldman Sachs of crypto.

He predicted that all of the financial institutions will go from investing in crypto funds to investing in cryptocurrencies properly in the first quarter of next year. Also, he believes that cryptocurrencies will flip next year because that’s when the prices will start to move again.

The founder of fintech advisory firm Post Oak Labs, Tim Swanson said that Novogratz is trying to predict something that can’t be predicted because he has no influence over whenever he is predicting what will happen with the price. Swanson continued explaining that many companies try to do what Galaxy Digital is doing in the crypto world.

In an FN article, there is a quote of an anonymous founder of a blockchain company, saying that ‘’one of the biggest problems in crypto is the lack of credible merchant banking’’. In the article, Galaxy Digital is noted to be well placed so they can be the first to take advantage of new markets.

Novogratz explained that it’s really easy to get skeptical but there is certainly something happening. He pointed out that there are huge crypto developments that are led by huge figures in the financing sector.