Bear Market: Mike Novogratz on Crypto Bear Market: Bitcoin Won’t Break $30,000 Anytime Soon | news

• Novogratz believes that two-thirds of crypto hedge funds will have to go bankrupt in the future

• Greed often stands in the way of good and objective investments

• Novogratz is quite skeptical about a bitcoin value increase to $30,000

In recent months, successful investor Mike Novogratz has repeatedly criticized the crypto industry. But despite this criticism and the ongoing bear market, he is convinced that blockchain technology is gradually becoming a cornerstone of the modern world. “Over the next decade, Web3 and blockchain will transform many industries, societies and the Internet, blurring the lines between physical and digital reality,” Novogratz was quoted as saying by Cointelegraph.


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Crypto assets at risk?

A few months ago, the crypto billionaire and founder and CEO of Galaxy Digital Holdings warned that the collapse in prices could be the end of several hedge funds investing in this space. “Volume will decrease and hedge funds will have to restructure. There are as many as 1,900 crypto hedge funds. I estimate that two-thirds of them will go bankrupt,” he explained at the Piper Sandler Global Exchanges & Brokerage Conference in June, according to FAZ in NYC. Novogratz sees the financial market’s reaction to the US Federal Reserve’s withdrawal of stimulus as the main reason for the price drop in digital currencies. Nevertheless, Galaxy Digital will continue to invest — unlike peers that lay off employees during the bear market — as the company looks to be the first port of call after the downturn ends.

Mike Novogratz warns investors against greed

Novogratz also warned investors about the greed that comes primarily from excessive profits in the crypto market, as Cointelegraph reports. Speaking at Christie’s Art + Tech Summit in New York, he explained: “I’ve had friends who invested heavily in crypto, which completely changed their lives. People who weren’t actually making much money suddenly had a fortune of US$5 million dollars in crypto. I had to shake them hard and tell them, ‘You have to sell half or even two-thirds of it because it’s not normal to make 200 times.'” The successful investor also points out that not everyone is made to be investors Often people’s greed gets in the way of their ability to look at the situation objectively.

Novogratz doubts that Bitcoin will break the $30,000 mark in the near future

Now, Novogratz recently stated in a Bloomberg interview that he doubts Bitcoin will be able to break through the $30,000 mark anytime soon. He expects bitcoin to remain much more within its current price range. “Will Bitcoin hit $30,000 on this rise? We’ll see — I’m skeptical. I think we’ll probably stay in that range. Honestly, I’d be happy if we stay in a 20,000, 22,000 or 30,000 range US dollars”, according to Novogratz’s exact wording.

E. Schmal / Editor

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