NewsletterBitcoin Not Going to $30,000 Anytime Soon, Says Galaxy Digital CEO Mike Novogratz
Founder of Galaxy Digital and billionaire cryptocurrency investor Mike Novogratz expects Bitcoin to remain range bound for a while after the recent price pump. He believes that Bitcoin is not going past $30,000 anytime soon and that there’s not much institutional money coming into the space for now. During his recent interview with Bloomberg TV, Novogratz said:
“Will Bitcoin get through $30,000 on this move up? We will see — I’m doubtful. I think we’re going to probably be in this range now. I quite frankly would be happy if we’re in a $20,000, $22,000 or $30,000 range for a while. We’re not seeing huge institutional flows, to be fair, but we’re not seeing anyone back away.”
As of press time, Bitcoin is currently trading at $23,838 levels with a market cap of $454 billion. The recent pullback has given fresh hope to investors after massive selling that ensued during the first half of 2022.
On the other hand, the Galaxy Digital CEO expects Ethereum to reach $2,200 or higher considering the recent momentum and the software upgrade leading to The Merge. Currently, Ethereum is trading for just under $1,800 levels.
Looking at the current macro setup, Mike Novogratz is also not expecting any mega bull run this year. With the Federal Reserve tightening rates, “I don’t see the mania that we saw in 2021 or 2017 reigniting,” he said.
Galaxy Digital Reports Half-A-Billion Loss In Q2 2022
Earlier on Monday, August 8, Mike Novogratz’s Galaxy Digital reported a loss of $554 million. The net losses widened nearly three times in comparison to Q2 2021. The official press release noted:
The increase in loss was primarily related to unrealized losses on digital assets and on investments in our Trading and Principal Investments businesses, due to decreased digital asset prices, partially offset by profitability in our Mining business.
Galaxy Digital was one of the biggest investors in the Terra ecosystem. The collapse of Terra LUNA was a major blow eroding massive wealth for the company.
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