The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Galaxy Digital CEO: After Crypto Winter, Regulation and Big Adoption Will Turn Bitcoin Around

by Daily Hodl Staff
December 3, 2018
in Bitcoin

Mike Novogratz, CEO of Galaxy Digital, is still positive about cryptocurrencies despite the tumbling price of Bitcoin and other digital currencies.

Despite his optimism about the long-term strength of Bitcoin and the cryptocurrency market at large, Novogratz says the toll of the market downturn on him and his company is significant.

“It’s been a horrible bear market in tokens. There’s plenty of reason to be depressed.”

The billionaire’s crypto trading desk lost $136 million on digital assets through the first three quarters of the year, while Galaxy Digital lost roughly $41 million in Q3 alone.

During a conference call with Bloomberg on Friday, Novogratz said,

“Part of the sell-off is because, I think, the SEC got tough on a few fraudulent ICOs. And not just were tough on them – they mentioned personal investors can go for reparations in most cases. And people got very nervous.”

The US Securities and Exchange Commission took action against initial coin offerings (ICOs) Airfox and Paragon on November 16, which included fines and gave investors the option to sue for reimbursement.  

Two weeks later the SEC cracked down on boxing champ Floyd Mayweather and rapper DJ Khaled for promoting ICOs, doling out hefty fines.

Despite these events, Novogratz believes things will turn around.

“As the rules get clearer with the SEC and other regulatory bodies around the world, it’s easier, quite frankly, to build a business and it’s easier for institutions to feel comfortable participating. We are reaching out to regulators hoping to help structure some of the rules.”

The former Goldman Sachs partner says the way back to prominence will be through institutional investing. He referenced companies such as Fidelity and Bakkt. Both companies are scheduled to launch crypto operations in January designed to onboard institutional buyers.  

Reports Bloomberg,

“’Listen, we’ve had an undeniable retail bubble. It was a frenzy that popped in December, January,’ he said on the call. ‘We’re stuck in the in-between now. We are waiting for the institutional adoption,” which he said could come as early as April.'”

Until then, he sees Bitcoin hovering between $3,000 and $6,000.

He went on to say,

“I fundamentally think you’re going to see big adoption in 2019, 2020. Lots of the items in the digital world, the e-gaming space, are low value items. So I think people will be more comfortable participating in blockchain.” He added, “We’re making big investments in that area.”

The Crypto Beat

Fidelity Launches Cryptocurrency Platform for Institutional Investors, Signals New Phase for Bitcoin, Ethereum and Crypto Markets

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Bitcoin.com’s VERSE Token Now Available for Trading on Kucoin
    May 29, 2023
  • Huobi Set To Launch Trading Service in Hong Kong
    May 26, 2023
  • Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
    May 25, 2023
  • The Open Network (TON) Unveils DeFi and Data Analytics Hackathon in Collaboration With DWF Labs and Amazon Web Services
    May 25, 2023
  • Ankr Partners With Mirage To Revolutionize the Web 3.0 Gaming Landscape
    May 25, 2023
  • Tulipart.com Launches a Collection of Tulip NFTs Minted Daily Over Seven Years
    May 24, 2023
  • Binance Futures Grand Tournament Returns
    May 24, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,943.49
$27,943.49
0.14%
Ethereum
$1,912.21
$1,912.21
0.66%
Cardano
$0.381255
$0.381255
0.41%
XRP
$0.500718
$0.500718
4.03%
Dogecoin
$0.072971
$0.072971
0.48%

Spotlight

  • Bitcoin (BTC) and Ethereum (ETH) Fees Plummet As Speculative Frenzy Cools, According to Crypto Analytics Firm
    May 27, 2023
  • China To Settle $582,300,000,000 in Yuan Worldwide Amid Push to Circumvent US Dollar: Report
    May 27, 2023
  • Top Crypto Analyst Says One Catalyst Will Keep Litecoin ‘Propped Up’, Updates Outlook on Bitcoin and Ethereum
    May 27, 2023
  • $30,000,000,000 Exits US Banking System in One Week As Deposit Flight Grows
    May 27, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl