Speaking at the Consensus 2022 conference in Austin, Texas, he said Bitcoin (BTC) is not going to “trade well” until the Federal Reserve “flinches” and “takes its foot off the brake.” According to Novogratz, the most popular digital asset in the world would also find a bottom before the equities markets in the United States, CoinDesk reported on June 10. The Galaxy Digital CEO said: He added:
The next crypto bull market
Novogratz urges investors to “fight the impulse to be so greedy” in order to successfully navigate the next bull market. This advice applies to Galaxy Digital and other companies as well. According to the former hedge fund manager, investors who bought Luna at the right time saw returns of up to 300 times their initial investment, which is an unrealistic expectation given the current state of the market.
Two-thirds of crypto hedge funds will go bankrupt
Whatsmore, Novogratz, on June 8, had also predicted that the majority of hedge funds that invest in digital currencies would be unsuccessful owing to the recent decline in market value. The billionaire was speaking at the Piper Sandler Global Exchanges & Brokerage Conference in New York when he said: As per Novogratz, the continuous drop in prices of cryptocurrencies over the past six months can be attributed to the market’s reaction to the U.S. Federal Reserve’s stimulus withdrawal. Featured image via Bloomberg’s YouTube (screenshot).
