Mike Novogratz on Bitcoin [BTC], investors and Galaxy Digital going public

On 1st August, the crypto-merchant bank Galaxy Digital got approved to go public in Canada. On this news, the Founder and CEO of the bank Mike Novogratz tweeted, expressing his excitement on the issue. He said:

“I’m excited to close our transaction in Canada. Our mission is to institutionalize the space, and promote the advancement of the underlying ecosystem and technology behind digital assets and blockchain. I am proud of our team and grateful for the support we’ve received. Onward!”

In an interview regarding the matter, Novogratz also spoke on the nature of public and private companies trading in Canada. He explained that the state of public companies in the Canadian cryptocurrency trading market is poor, while private markets for ICOs of private equity transactions are a raging bull market.

Novogratz was asked why he took Galaxy Digital public in a case where the private market is hot. Here, the CEO stated that the firm went public in the month of January this year. However, due to the regulatory troubles faced in Canada, there has been a blind spot as his firm only started trading in August.

He was also asked if he has a way of stopping his investors from selling, as the investors have been locked up since January resulting in a collapse of the cryptocurrency market in the gap. Here, Novogratz said that each one is entitled to make one’s own investment decisions. He also stated:

“…if you want my advice, if the stock goes down buy more, and I believe that. …I think in one year, two years, three years, the complete decentralized crypto blockchain ecosystem is gonna be far far far more significant than it is today and I think we’re gonna build a world-class company.”

The ex-hedge fund manager was also asked about the future of Bitcoin prices and if the current state of the Bitcoin market is a mere fakeout. Novogratz said that he believes that the market has actually bottomed. According to him, the ETF [Exchange-traded Fund] will hopefully receive approval in the next few weeks. This is one of the factors that will determine the hike in Bitcoin price.

However, Novogratz is skeptical of Bitcoin reaching anywhere around $10,000 as there is a lot of work to be done to build an institutional infrastructure in the space. He stated:

“And I don’t think we’d go through $10,000 until we get custody solutions… Announce, then implement it by trusted names.”

Novogratz also revealed that a fair amount of work is being put into building an infrastructure for institutions to participate in the cryptocurrency market. He also mentioned that the work is going on at a good pace and is approaching completion.

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