The prominent crypto investor and a famous Bitcoin bull, Mike Novogratz, is in the latest crypto news for his dissatisfaction with the level of difficulty involved in trying to build a cryptocurrency market – especially with the current state of the market.
As Novogratz remains bullish on the prospects of his company and the wider crypto space in the long run, he also seems a bit pessimistic. Speaking to Financial Times, the former partner of Goldman Sachs and the founder of Galaxy Digital revealed that his company had to contend with a unique set of challenges compared to traditional merchant banking.
However, he also pointed out his thoughts on the current situation, stating:
“2017 was just fun, it was almost stupid. [But] this year has been challenging. It sucks to build a business in a bear market…[Staff] anxiety levels go up when crypto goes down…In most traditional business, [such as] Goldman Sachs, you don’t worry. There’s not an existential threat out there.”
Known for his bullish predictions about the price of Bitcoin, Novogratz right now is navigating a mini-crisis at Galaxy Digital, which (earlier this month) announced the departure of its company president Richard Tavoso and the co-head of trading, David Namdar.
As FT sources claim, the company’s advisory business has received a subpoena from US regulators – but the news hasn’t been confirmed yet by the company. Still, Novogratz continues making bold predictions about the future of cryptocurrencies. His last one was the statement where he said that over the next year, more institutional investors will move away from investing in crypto funds to investing in crypto assets, especially before the end of Q1.
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