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Former Wall Street Executive Is Still Hopeful About Crypto

November 5, 2019 11:32 pm
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Former Wall Street Executive Is Still Hopeful About Crypto

Michael Novogratz, CEO of Galaxy Digital Holdings Ltd (TSXV:GLXY), said that last year’s crash in cryptocurrency prices lowered his ambitions a little, but he remains a firm believer in the sector’s long-term potential, Reuters reported.

What Happened

“I think ambitions have been tempered a little bit by reality,” Novogratz said at the Reuters Global Investment Outlook 2020 Summit on Tuesday.

Cryptocurrency prices soared unprecedentedly in 2017, with Bitcoin crossing $20,000 for a short period in December that year. But prices crashed again in early 2018. Bitcoin alone lost more than 70% of its value in 2018, closing the year at $3,747.

The former hedge fund manager at Fortress Investment Group LLC said that blockchain projects are going to see progress, although “the timing is going to take longer than people had hoped,” Reuters reported.

Why It Matters

Novogratz worked for Goldman Sachs Group Inc (NYSE:GS) in Hong Kong and New York, and Fortress Investment before he started his “multi-service merchant bank dedicated to the digital assets and blockchain technology industry” in 2018.

Galaxy Digital lost a total of $272.6 million in 2018. Novogratz said the company failed to protect investor interests during the cryptocurrency price collapse because he was “probably too greedy.”

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