Billionaire and Galaxy Digital CEO Mike Novogratz says corporate interest in Bitcoin (BTC) and Ethereum (ETH) has never been higher.
In a new interview with CNBC, the top executive says that even though crypto markets just suffered through an “ugly” moment, institutional interest is clearly ramping up.
“We held 40,000 in BTC and 2,800 in ETH. These are important levels for people to watch [because] as long as those hold, the market is in very good shape.
I’ve seen nothing but engagement and activity from our investing and corporate clients. The level of inquiry [and] the level of business has never been higher. We see so much capital coming into the space in private ways and in public ways. I’m not nervous.”
The recent crypto market correction can be attributed to fears of coming government regulations, according to Novogratz.
“The China news scared people [as well as] worry about the Fed coming out and talking about stablecoins and regulation. There were rumors yesterday all over the [Mainnet 2021] conference in New York that the SEC was showing up and subpoenaing people.
So there was a lot of nervousness in the market and we watched a lot of shorter term risk out.”
Novogratz says the reason for this quarter’s general cryptocurrency boom is fear of missing out on revolutionary technology.
“There was a tremendous amount of activity around level-1 blockchains, things like Ethereum, where people realized the story is not just Bitcoin, but it really is web 3.0. Missing web 3.0 would be like missing the Internet. And so we’ve seen lots of money pile in.”
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