Mike Novogratz, Founder and CEO of Galaxy Digital

Billionaire cryptocurrency investor Michael Novogratz has been working in the field at least since 2013. As the founder and CEO of Galaxy Digital Holdings, a cryptocurrency investment company founded in 2018, he is well-known in the cryptocurrency community. He was formerly its chairman as well, but he left that position in late 2021. He was a partner at investment bank Goldman Sachs and a hedge fund manager at Fortress Investment Group before switching to bitcoin investing. The estimated value of Novogratz’s net worth is in the billions of dollars.

2023

Mike Novogratz has informed investors that institutional adoption of cryptocurrencies will be the main event of 2024. This acceptance will be fueled by the impending approval of Bitcoin spot exchange-traded funds (ETFs).

In the third-quarter results call for Galaxy Digital on November 9, Novogratz emphasized the company’s conviction that approving multiple ETFs “is now not a matter of if but when.” In Q32023, the fund management and Invesco jointly submitted spot Bitcoin and Ether ETF applications to the US Securities and Exchange Commission.

November 2023 saw a shift in investor attitude toward optimism, with well-known ETF research experts projecting that by January 2024, the SEC will have approved 12 significant applications for Bitcoin spot ETFs.

“2024 is going to be a year of institutional adoption,” Novogratz stated on the Q3 earnings call. “First through the Bitcoin ETF, which will be followed by an Ethereum ETF.”

2022

In 2022, Novogratz’s Galaxy Digital is anticipated to keep growing its offerings and acquiring more cryptocurrency companies. It’s also important to look ahead to Galaxy Digital’s intention to float on the American stock market in the first quarter of 2022, pending approval from the U.S. Securities and Exchange Commission.

Novogratz is likely to continue working with international regulators to promote crypto adoption among the general public this year, as well as to spread knowledge about cryptocurrency and blockchain. To “explain to the progressive leadership in Congress that crypto is genuinely progressive,” he declared, is his New Year’s aim for 2022.

In 2022, Novogratz is also anticipated to make fresh, audacious predictions about cryptocurrencies because the investor has a reputation for taking risks when predicting the price of Bitcoin in the future. Novogratz forecasted that Bitcoin will surpass $20,000 by the end of 2020, but this turned out to be an underestimation as the price of Bitcoin eventually approached the $30,000 level. He stated that 2022 will be the year of decentralized finance at the end of 2021.

Latest news about Mike Novogratz

• Bitcoin asset managers NYDIG and Galaxy Digital increased their mining revenues in Q2, capitalizing on the bear market’s consolidation phase. NYDIG acquired secured miners from debtors, resulting in over 900 BTC mining in Q2. Galaxy Digital’s acquisition of Argo Blockchain’s Helios site shifted its business model, involving hosting and proprietary mining. The companies’ Q2 report revealed a robust gross margin of 65% and production costs ranging from $9,000 to $10,000.
• Deutsche Bank has filed for a crypto custody license with the Federal Financial Supervisory Authority (BaFin), as part of its strategy to grow fee revenue at its corporate banking unit. The proposed platform aims to streamline digital asset management and serve as a gateway for value-added services. The platform will offer insured custody services, enable clients to buy and sell digital assets, and provide value-added services.

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