The Crypto Markets will ‘Flip Next Year’ — Mike Novogratz, CEO Galaxy Digital

Mike Novogratz, ex Goldman Sachs partner turned crypto believer, who founded Galaxy Digital (GD), has gone on record once more in a recent interview with the Financial Times (FT), predicting that the crypto currency markets will ‘Flip next year’ and ‘that’s when the price starts moving again’.

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Galaxy Digital, which Novogratz hopes will become the “Goldman Sachs of crypto” has experienced a lot of pain in 2018 due to its dependancy on crypto being at the core of its business. This has seen the firms valuation drop by 37% since the beginning of August when it raised $242m.

“2017 was just fun, it was almost stupid” … ” this year has been challenging. It sucks to build a business in a bear market.”

“Anxiety levels go up when crypto goes down,” … “In most traditional business, [such as] Goldman Sachs, you don’t worry. There’s not an existential threat out there.”

According to the FT, Novogratz stills appeared unfazed even after this recent sell off and predicts that institutions will stop investing in cryptocurrency funds and begin to start investing into the currencies themselves directly in Q1 of 2019, as he added.

“You’ll see that flip next year,” … ‘that’s when the price starts moving again’

This time however, it appears empirical evidence is on Novogratz’s side as he points out, figures and companies within in traditional finance are joining the game. Jeff Sprecher, chief executive and chairman of the Intercontinental Exchange (ICE), which owns the New York Stock Exchange is launching Bakkt, a cryptocurrency exchange next year and Abigail Johnson, chief executive of the 6th largest fund management in the world, Fidelity, which holds $4.2tn worth of value on behalf of investors and are soon to be launching “Fidelity Digital Assets”.

Perhaps Mike Novogratz’s then may just be proven right this time, even as the markets continue to fall and negative sentiment increases there’s certainly truth in his statement:

“It’s easy to get sceptical but there’s something happening,”

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