‘Bitcoin Isn’t Going Away, Will Take a While to Recover’, Says Mike Novogratz

Mike Novogratz, the renowned BTC bull and the chief executive officer of digital asset investment firm Galaxy Digital mentioned that virtual assets are here to stay even though it will take a while for the market to turn bullish.

In a recent interview, the billionaire told Bloomberg that assets including digital currencies and stocks that went up based on “cheap money forever” were under pressure due to the Federal Reserve withdrawing liquidity.

Nevertheless, Novogratz is of the opinion that the digital asset market has suffered the most because of recurring negative events over the last month. These include a long list of market players with heavy leverage, like Celsius and Three Arrows, which has created FUD among investors.

Mike Novogratz further mentioned that even though prices are down, more than one hundred and thirty million investors still see BTC as a viable investment, and as such, the digital currencies are here to stay.

He said,

“What happened with lots of great technologies, including Bitcoin, crypto, and web3, is that prices got ahead of themselves… I don’t think crypto is going away…”

In the meantime, Novogratz still maintains that many TradFi and digital asset hedge funds won’t make it through the present bear markets.