Skip to content Skip to footer

Billionaire Crypto Investor Predicts More Volatility in Coming Months – The Motley Fool


If you’re on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
Credit Cards
Banks
Brokers
Crypto
Mortgages
Insurances
Loans
Small Business
Knowledge
by Tor Constantino | Published on June 2, 2022
Image source: Getty Images
Galaxy Digital founder and cryptocurrency bull, Mike Novogratz, says we've got a bumpy economic ride ahead of us.
The Ascent's best crypto apps for 2022 (Bonuses, $0 commissions, and more)
During the investor call earlier this month announcing first quarter earnings, Mike Novogratz — the founder and CEO of cryptocurrency investment firm Galaxy Digital — stated that the digital asset category needs to buckle up for a choppy economic ride during the next several months.
“Crypto probably trades correlated to the Nasdaq until we hit a new equilibrium,” Novogratz was recorded saying from a transcription of the earnings call. “My instinct is there’s some more damage to be done, and that will trade in a very choppy, volatile, and difficult market for at least the next few quarters before people are getting some sense that we’re at an equilibrium.”
Novogratz is a strong Bitcoin supporter. He recently predicted that the oldest and most valuable crypto will hit a price per coin of $500,000 within five years. However, at the time of writing, Bitcoin is trading on cryptocurrency exchanges for $29,510.48 according to CoinMarketCap — that’s about 95% lower than Novogratz’s projected price peak.
Regardless, when it comes to crypto, Novogratz has put his money — and that of his clients — where his mouth is. In March 2022, his company Galaxy Digital partnered with Goldman Sachs to offer access to an Ethereum investment fund for Goldman clients willing to pony up a minimum of $250,000, which is the same deal they offer for large investors interested in Bitcoin too. He and his clients are in it for the long haul.
The main reasons that Novogratz listed for near-term volatility and expected losses across crypto include the six interest rate hikes the Fed announced this year to try and slow rampant inflation. He also said that hiking those rates will disincentivize borrowing by corporations which had used the Fed’s cheap — sometimes free — money to expand operations or carry on balance sheets to boost earnings.
But that’s ending as the newly released minutes from the most recent Fed meetings show that the U.S. Central Bank plans to aggressively accelerate rate hikes until it hits a target of 3.13% by mid-2023. Yet despite that tightening, Novogratz said on the call that such measures are necessary and that he’s optimistic about long-term prospects as institutional investors prepare to enter the cryptocurrency market.

Our top crypto play isn’t a token – Here’s why

We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.

Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.

Get started

We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.
Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.
“I went to institutional conferences, three or four different conferences meeting with all kinds of accounts. Let me [say] some are the biggest names in traditional finance: BlackRock, Blackstone, Citadel, Apollo all making big efforts in this [crypto] space having not been here like that. That’s a wonderful tailwind for the space,” as Novogratz was quoted stating in the transcript.
While future prospects for crypto look good, the sector has lost more than $200 billion in 2022. It’s not too far of a stretch to envision things getting worse before they get better.

Our updated list of the best cryptocurrency apps for 2022 is packed with best-in-class picks. The cryptocurrency apps that landed on our shortlist include perks such as $0 commissions, and one pick that is offering a $50 bitcoin bonus. Check out the list here and get started on your crypto journey, today.
Get the top picks
Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto’s potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Featured Offer
100% Commission Free Crypto Trading – 4.5 Star Rating
Related Articles
Best Cryptocurrency Apps and Exchanges
Best Places to Buy Bitcoin
Cryptocurrency reviews: apps, exchanges, and brokers
Best NFT Wallets
Best Cryptocurrency Apps and Exchanges
Best Places to Buy Bitcoin
Cryptocurrency reviews: apps, exchanges, and brokers
Best NFT Wallets
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 – 2022 The Ascent. All rights reserved.

source

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Leave a comment

0/5