Galaxy Digital’s Mike Novogratz turns cautiously optimistic about cryptocurrencies after his first quarter predictions failed
During a recent earnings call, Galaxy Digital CEO Mike Novogratz said it wouldn’t surprise him if the cryptocurrency trades “significantly” more by the end of the year.
The billionaire says he has become more “creative” than at the beginning of 2022.
As reported by U.Today, Novogratz took a bearish stance on crypto in the short term, correctly predicting that it will have a hard time rallying due to weakness in the US equity market due to a sharp weakening of the US Federal Reserve. Will be
Bitcoin and most of the top altcoins struggled hard in January, with the largest cryptocurrency falling below the $33,000 level on January 24.
Recently, however, the bulls managed to gain control of the market, with the price of bitcoin reaching $48,234 earlier this week, the highest level in 2022 on the Bitstamp exchange.
At press time, the crypto king is changing hands at $45,617. Bitcoin is down 4.4% after the European Parliament cracked down on anonymous cryptocurrency payments, a move that critics claim could lead to an erosion of privacy.
Despite seeing substantial progress over the past several weeks, bitcoin is still 33.76% away from its peak.
strong adoption
Novogratz points to growing adoption as the key catalyst behind the next potential rally.
The crypto tycoon also says that there is a lot of innovation happening in areas like the metaverse.
As reported by U.Today, Novogratz recently predicted that bitcoin will hit half a million dollars in the next five years, claiming that the cryptocurrency is overtaking the cycle of Internet adoption.
Galaxy Digital Head believes that the industry is still in its first innings despite seeing huge growth in the past few years.