Outspoken crypto enthusiast, Mike Novogratz, founder of Galaxy Digital and former Goldman Sachs partner, commented in an interview that he forecast a bullish run for the crypto markets next year. The Galaxy Digital CEO, returns to the table time and again to profess that Bitcoin will get out of its slump, however each time he comes back the date of the reversal gets postponed. In the beginning of November, he believed that Bitcoin will make another meteoric rise to $20,000 sometime in 2019.
In an interview with Financial Times (FT), Novogratz detailed the hardships of starting a company in a bear market, and how he desired his company to become the “the Goldman Sachs of crypto”. The hardships, however, has not deterred his belief in Bitcoin (BTC), believing that it will “flip next year” since “that’s when prices start moving again.”
During the interview, Novogratz said that “this year has been challenging” for Galaxy Digital – a company that he hopes will become “the Goldman Sachs of crypto” – adding that “it sucks to build a business in a bear market.”
According to FT, Novogratz predicted that financial institutions will transition from “investing in cryptocurrency funds to investing in cryptocurrencies proper in the first quarter of next year.”
In terms of Galaxy Digital, a digital asset merchant bank, who had experienced a massive loss of $134 million since the fall of Bitcoin from its peak in December of 2017, had a friendly supporter according to the FT article. While the crypto merchant bank suffered the loss in Q1 2018, with a net unrealized loss of $85.5 million coming from digital currencies, anonymous founder of a blockchain company 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 has joined the ranks of many other crypto enthusiast that believe when large and regulated financial companies, such as Bakkt, a cryptocurrency platform developed by the operator of the New York Stock Exchange (NYSE), and Fidelity Digital Asset Services, the crypto custodial arm of Fidelity, then other firms will need to jump in due to a FOMO.