In light of the turmoil in the digital asset market last year, Mike Novogratz, the founder and CEO of Galaxy Digital Holdings Ltd., is optimistic that traditional institutional investors will return to the cryptocurrency market.
Novogratz emphasised the institutional revival in several crypto market sectors during the company’s second-quarter results conference call on Tuesday. He said that their interest goes beyond futures and particular equities to more fundamental levels of the market.
Novogratz struck a comforting tone when talking about Tether, the biggest stablecoin with an 84 billion dollar market value. His conviction that there is little chance of a significant Tether run is occasionally called into question by market jitters.
The stablecoin’s less transparent offshore activities were a factor in Novogratz’s acknowledgement of potential “skirmishes around the sidelines” despite his high level of trust in Tether’s ability to cover its liabilities.
Larry Fink’s “Orange pill moment”
Mike Novogratz, CEO of Galaxy Digital, discussed Bitcoin’s position as the leading cryptocurrency in a recent interview with Bloomberg.
He referred to Larry Fink’s “Orange Pill Moment,” which describes how a Bitcoin sceptic becomes a supporter. Former sceptic Larry Fink now supports Bitcoin as a universal money, highlighting its reliability.
A Bitcoin ETF is being investigated by BlackRock, led by Fink, signalling a paradigm shift for the cryptocurrency sector.
