The head of Galaxy Digital said when the cryptocurrency will again begin to rise in price and for what reason

In the next 6-24 months, the cryptocurrency market is expected to grow, according to Galaxy Digital CEO Mike Novogratz. According to him, financial consultants will accept the first cryptocurrency as a means of accumulation. Otherwise, the prospects for Galaxy Digital will become extremely uncertain, said Novogratz in an interview with CoinDesk .

The billionaire believes that digital money gained primary distribution thanks to retail investors, but as it develops, it should attract the attention of larger players. One of the factors that could positively affect the prospects of bitcoin, the investor called the measures that the Fed uses to support the economy in a crisis caused by the spread of Covid-19.

“Within the week after the crisis began, the Fed printed more dollars than for the entire period 2008-2009. Mom told me that money doesn’t grow on trees, but now that’s what’s happening, ”says Novogratz.


He admitted that Galaxy Digital began too early to try to attract institutional investors into the cryptocurrency industry. Three years ago, the company already communicated with major players in this regard, but they were not interested. Now the conditions are emerging for a new attempt, the billionaire believes.

“If a small number of hedge funds enter this space, then my company is screwed up. Galaxy may continue to invest in cryptocurrencies and other business areas, but the real core of our offer is serving institutional customers. If they don’t come, then with luck we are all bad, ”said Novograts.

Galaxy Digital suffered a loss of $ 272.7 million for the first year of operation. In the summer of 2019, it was able to partially recover losses, but in the fourth quarter of the same year the loss amounted to $ 97 million. Losses of the company's trading division outweigh the profits of all other business lines. For example, only on the WAX ​​game token did the company lose $ 47 million.

What do you think the price will go to?