Mike Novogratz On Actual Bitcoin Price If Not For FTX Collapse

Bitcoin Price Prediction News: Galaxy Digital CEO Mike Novogratz said that there would be an opportunity for growth for Bitcoin (BTC) in the long run. He said the FTX collapse is not necessarily a very bad thing for the crypto industry in long term. Novogratz made the comments in the backdrop of the shock meltdown of the Sam Bankman-Fried crypto empire. Meanwhile, Bitcoin (BTC) price along with other cryptocurrencies rallied on Wednesday following Fed chair Jerome Powell’s comments on the state of the economy.

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‘Sam Bankman-Fried Was Delusional’

The Galaxy CEO said Sam Bankman-Fried was delusional about what happened with FTX and the user funds. Speaking to CNBC on the state of crypto market on Thursday, he said more people apart from SBF should be prosecuted and jailed. He also said Bitcoin price would have been higher if not for the FTX collapse. Galaxy Digital is among the companies that have exposure to FTX. However, the company said the exposure it had to FTX is minimal.

“He needs to be prosecuted. He will spend time in jail. And it wasn’t just Sam. You don’t pull this off with one person.”

While announcing the Galaxy quarterly results recently, Novogratz said the crypto industry continues to face macroeconomic headwinds and structural evolution. The crypto market saw a prolonged bear run since the beginning of 2022. Compared to the highs of last year, crypto asset prices are now trading at around 70% lower range.

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As of writing, Bitcoin (BTC) price stands at $16,970, up 0.71% in the last 24 hours, according to price tracking platform CoinMarketCap. Fed chair Jerome Powell hinted on Thursday about potential smaller interest rate hikes in as soon as December. However, he said the inflation still remained high.