In an interview with Bloomberg, Galaxy Digital CEO Mike Novogratz predicted that it would take some time for Bitcoin and Ethereum to regain their bullish narrative.
Novogratz predicts global macro hedge funds will buy Bitcoin as soon as the US Federal Reserve stops raising interest rates:
“The moment the Fed started off… I think many traditional macro hedge funds have had a great year. You will see that the fund is buying Bitcoin. At that point, we will add it to our position.”
Novogratz believes the recent cryptocurrency crash has been made worse by a group of leveraged players like Three Arrows Capital. Novogratz also predicts that many companies will file for bankruptcy.
Galaxy Digital boss compares the price performance of cryptocurrencies with Zoom Meeting. He says that despite huge losses, neither crypto nor Zoom will disappear.
“You will rebuild a price floor, you will rebuild a story.”
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