Mike Novogratz, CEO of Galaxy Digital, says that the past year has been great for crypto. He cites a boom in the DeFi and NFTs sectors as a major step towards mainstream adoption.
Novogratz believes that Bitcoin’s next sale will be supported by key support at $42,000
Galaxy Digital CEO Mike Novogratz remains bullish on Bitcoin, saying he’s not worried about the flagship cryptocurrency or the overall market’s immediate outlook given the amount of investment getting into the space.
The billionaire investor pointed out that 2018 is winding down and many investors are selling their investments, including crypto. This has been a big drop from recent highs. He also notes that digital assets are currently trading a bit heavy, but that doesn’t bother him that much.
“It doesn’t worry me in the medium term because everywhere I go I see people getting ready to invest in the space,” Novogratz toldBloomberg TV.
According to the Galaxy Digital boss, the broader equity market is likely to continue being “messy” as the year draws to a close, probably extending to the first quarter of 2022. As for crypto, he sees a scenario where prices go “sideways to down” as people sell to pay taxes or buy real estate.
Novogratz responded to questions about what he believed the floor for Bitcoin prices would be or what he considered an entry point. He said $42,000. According to him, this level or low 40s present a “pretty important level” that should hold, in case prices slip from current levels.
He notes that 2021 started with Bitcoin trading in the $30k region and the year has seen a lot of change in people’s mindset in the space. An example is his recent travel in the Middle East, where he says there two of the region’s “biggest pools of capital” have plans to get into Bitcoin mining.
Novogratz says over $30 billion in venture and that there’s so much money getting into crypto that it would make no sense to say prices are going to dip much lower than where the year started.
He also mentioned the huge year for NFTs and noted that there is still a lot of interest in this sector.
He also sees Web 3.0 and decentralised finance (DeFi), as a promising area for growth in 2022. For DeFi, he notes there’s an unbelievable amount of money locked into various projects, while for Web 3.0, it’s the “next iteration of Internet” many investors would not want to miss out on.