Galaxy Digital CEO Mike Novogratz is singling out one catalyst that he predicts will end the prevailing crypto downturn.
According to the Galaxy Digital CEO, Ethereum and other crypto assets will rely largely on innovation and to a certain extent, the macro conditions, to get out of the bear market.
“For Bitcoin, it’s about the macro. But for the rest of crypto, the Ethereum ecosystem and all the other layer-1 and layer-2 blockchains being built, and what’s built on top of them, that’s an inevitable march just starting to change how we actually operate.
And there’s a tremendous amount of venture capital that continues to come into the space – $5 billion last quarter, $9 billion the quarter before that. If you look at from Citadel to JPMorgan to the Bank of New York, BlackRock, the biggest players in traditional finance are actually making huge investments in and around this architecture.
We are going to see the tokenization of assets. We are going to see digital money in some form of a stablecoin.
And so that story continues to be really exciting. I think it’s going to need the macro to catch fire first before other people kind of get in because there’s still a correlation.”
Novogratz predicts that when the markets start looking up again, the crypto asset class will be a favorite with investors.
“I think when you see things turn, the digital space, the crypto space is going to be a favored child.”
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/Larissa Kulik
Generated Image: DALLE-2