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'Monumental' Thing Working For Crypto Cycle, Says Mike Novogratz

14-Sep-2022 By: Simran Mishra
'Monumental' Thing W

During the SALT conference, a panel discussion titled "To the Moon and Back: Macro Outlook for Digital Assets" provided valuable insights into the current situation.

The incoming CEO of the cryptocurrency exchange Bullish, Thomas Farley, declared that he is negative on cryptocurrencies in the near future. He is "extremely bullish" in the long run, however. He claimed that despite these issues, some people are developing incredible utility around the technology.

Mike Novogratz: Short-Term Crypto Prediction

The chief executive of Galaxy Investment, Mike Novogratz, is less negative about cryptocurrencies in the near future. He claimed that in the near future, the market should truly begin to be affected by the utility of blockchain projects. Novogratz also stated that the focus was more on the story behind cryptocurrency initiatives than the actual product.

Institutions are advancing into the crypto sector.

Blackrock's debut into the cryptocurrency market was called "a major thing" by Mike Novogratz. The biggest development for the sector, he continued, was the inclusion of cryptocurrency in the Aladdin by the largest asset manager. He mentioned at the SALT conference that this is the largest asset manager in the world with the largest platform trying to get into cryptocurrency. The CEO of Galaxy Investments stated that he was aware of Fidelity's future efforts to convert retail clients to cryptocurrency.

A decentralised project like Ethereum completing something that significant, he continued, is a huge accomplishment. Overall, he added, Bitcoin and Ethereum make for two solid positive stories in the cryptocurrency market. "But in Ethereum's case, the Merge affects the cryptocurrency's supply and demand dynamic." He also mentioned that institutional investment in cryptocurrencies may not have started till last year. Mike Novogratz recently predicted that Bitcoin would not rise above $30,000 in the near future. At the time, he added that institutional investment in cryptocurrencies was not expected to be significant in the near future.

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