Analyst Mike Novogratz comments on the actual Bitcoin price if FTX does not crash
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Answer Analyst Mike Novogratz comments on the actual Bitcoin price if FTX does not crash
Mike Novogratz, an analyst, billionaire and CEO of Galaxy Digital, told that there would be an opportunity for Bitcoin (BTC) to grow in the long run.
He said that the collapse of FTX is not necessarily a very bad thing for the cryptocurrency industry in the long run.
Novogratz made the remarks against the backdrop of the shocking collapse of the crypto empire run by Sam Bankman Fred.
Meanwhile, the price of Bitcoin (BTC) rose along with other cryptocurrencies on Wednesday following Federal Reserve Chairman Jerome Powell’s comments on the state of the economy.
Novogratz describes Sam Bankman Fred as delusional:
He told the Galaxy CEO that Bankman was delusional about what happened with FTX and users’ funds.Read:It’s been 9 years since the bitcoin market cap reached $1 billion
Speaking to CNBC about the state of the cryptocurrency market on Thursday, he said that more people should be prosecuted and imprisoned except for Bankman.
He also said that the price of bitcoin would have been higher had it not been for the collapse of FTX.
Galaxy Digital is among the companies exposed to FTX.
While the company said its exposure to FTX was minimal, Novogratz said of Bankman:
He needs to go to trial.
He will spend time in jail.
And it wasn’t just Sam.
You cannot achieve this with one person.
While announcing Galaxy’s quarterly results recently, Novogratz said that the cryptocurrency industry continues to face macroeconomic and structural headwinds.
The cryptocurrency market has been in a prolonged downturn since the beginning of 2022.
Compared to last year’s highs, the bitcoin price is currently trading in a range around 70% lower.
At the time of this writing, bitcoin (BTC) price is at $16,950, down 1% in the past 24 hours, according to price-tracking platform CoinMarketCap.Read:Historically… February is a positive month for the cryptocurrency industry, will it happen again this year?
Federal Reserve Chairman Jerome Powell on Thursday hinted at the possibility of a rate hike as soon as December, as according to him inflation remains high.
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