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Mike Novogratz Says Cryptocurrency Markets Will “Flip Next Year”



Former Goldman Sachs partner and Galaxy Digital founder Mike Novogratz has said that he expects cryptocurrency to “flip next year.”

This is according to comments he made during an interview published by Financial Times (FT).

During the interview, Novogratz claimed that “this year has been challenging” for Galaxy Digital – a firm that he hopes would become “the Goldman Sachs of crypto” – saying that “it sucks to build a business in a bear market.”

The report also cited that Novogratz anticipated that financial groups would make the transition from “investing in cryptocurrency funds to investing in cryptocurrencies proper in the first quarter of next year.”

Novogratz also projected that cryptocurrencies would “flip next year” since “that’s when prices start moving again.”

Tim Swanson, the founder of fintech advisory firm Post Oak Labs, was also quoted as saying that Novogratz was “trying to predict something that he has no influence over” whenever he says “something is going to happen with price.”

Swanson then disclosed that many firms had attempted to do what Galaxy Digital is doing at the moment but without much accomplishment, settling “welcome to four years ago!”

An anonymous founder of a blockchain firm also shared his sentiments, saying that “one of the biggest problems in crypto is the lack of credible merchant banking” and that Galaxy Digital is “well placed to be the first to take advantage of new markets.”

Novogratz remarked that “it’s easy to get sceptical but there’s something happening” after having shone the light on cryptocurrency developments led by chief personalities in conventional finance.

Novogratz cited the imminent Bakkt, a digital assets platform made by the operator of the New York Stock Exchange (NYSE), and the digital assets management services for institutional investors recently made public by investment firm Fidelity.

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