Mike Novogratz: Corporate Interest In Bitcoin & Ethereum At All-time High
According to Mike Novogratz, the CEO of Galaxy Digital, corporate interest in Bitcoin (BTC) and Ethereum (ETH) is at its all-time highs.
Novogratz shared in a recent interview with CNBC that despite crypto markets just witnessed an “ugly” moment, institutional interest is definitely growing.
“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.”
Novogratz explained that the crypto market’s latest correction happened due to fears of coming government regulations and Evergrande news from China.
“The China news scared people worry about the Fed coming out and talking about stablecoins and regulation. There were rumors yesterday all over the 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.”
This quarter’s general cryptocurrency boom can be explained with FOMO (fear of missing out) on revolutionary technology, Novogratz argues.
“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.”
