Despite the unprecedented crypto crash experienced so far in 2022, Bitcoin bull and CEO of Galaxy Digital Mike Novogratz remains optimistic that Bitcoin will play a crucial role in the market’s recovery from the current downturn.
Bitcoin and Ethereum to Lead the Resurgence
In a recent interview, Mike Novogratz explained that the economy is quickly heading into a recession, with the failing prices of stocks in the U.S. equity market a clear indicator of the coming turmoil.
Regardless, the Galaxy Digital chief believes Bitcoin will be the first to break out of the downtrend, and Novogratz explains that the crypto market is closer to a bottom than stocks.
Although he admits it may take a while before Bitcoin and Ethereum regain their bullish statures, Novogratz favors them to lead the market rally. He opines that the rally will begin only after the after the FED stops hiking its interest rates.
Novogratz stated: “Bitcoin will lead the markets back out of this Fed hike. The moment the Fed flinches… you’re going to see Bitcoin explode north.”
Hedge Funds to Resume the Purchase of Bitcoin
Novogratz predicts that the recent inflation will lead to lot of companies filing for bankruptcy. However, he maintains faith that when the FED stops raising its interest rates, “you’ll see lots of traditional macro funds, who’ve had a great year, buy Bitcoin.”
On the Flipside
- The market crash, which has thus far wiped over $2 trillion from the total crypto market cap, has left a great many funds contending with losses. Among them is Three Arrows Capital, which recently suffered liquidation.
Why You Should Care
Novogratz echoes the sentiment of many investors–Bitcoin will rally when it inevitably breaks free from the current prevailing macro-economic conditions.
Read the article below to get recent information on the market crash:
Crypto Fear and Greed Index Hits 7: Is It a Good Time to Buy Bitcoin?
Novogratz previously made a 5-year Bitcoin prediction. Find out more in:
Bitcoin to Reach $500k in the Next Five Years, Projects Multimillionaire Mike Novogratz
