Galaxy Digital founder: Bitcoin's plunge is squeezing the air

Galaxy Digital founder: Bitcoin's plunge is squeezing the air

2021/9/8

According to sources, Mike Novogratz, founder and CEO of Galaxy Digital said in an interview with Bloomberg that encrypted assets are the next Internet. The sudden drop of Bitcoin results from investors' overexcitement, and the market is squeezing out the air. He said: "Now everyone understands that cryptocurrency is not only a bitcoin purchased to hedge against bad currencies and fiscal policies. More importantly, it is web3.0, and no investors are willing to miss the next Internet. I think We are just too excited. The market is just squeezing a little air out of the balloon." The host mentioned that there was a technical failure in the encryption deployment in El Salvador that day. The government disconnected the encrypted wallet earlier and said it was running a test. Novogratz said that the technical failure would be resolved: "It is not easy to use bitcoin on a large scale. I am very confident that they will straighten out this process." Novogratz also said: "The government will protect the national currency very, very, and they will accept the use of cryptocurrency to pay. As a result, we will see the rise of stablecoins." Speaking of the market, he said that short-term trends are difficult to judge, but the long-term trajectory is clear because enough institutions already consider this as a store of value.

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