Galaxy Digital CEO Predicts Extinction of Many Crypto Hedge Funds

Mike Novogratz, Galaxy Digital CEO, spoke at the Piper Sandler Global Exchange and Fintech Conference on Wednesday where he predicted that the majority of crypto hedge funds would cease to exist due to declining trading volumes, according to a U.Today report. 

The early Bitcoin investor claims that there are roughly 1,900 of these crypto hedge funds he feels will not survive. While this may sound like an alarming number, some believe that this estimate is too conservative given the current state of the market. 

As it stands, Bitcoin is in an almost month-long consolidation period that has seen the cryptocurrency stay within $28,200 and $32,200, according to Bitpush Terminal Data. At the time of writing, it was valued at $30,369, making the king of crypto up 1.45% in the last 24 hours. Here is the chart for Bitcoin’s last month, showcasing the consolidation period: 

He also reiterated his position that Bitcoin will reverse its course as soon as the U.S Federal Reserve “flinches.” He first tweeted this position about two weeks ago when he said, “$BTC will lead the next rally when the Fed pauses/flinches.” 

The Galaxy Digital CEO still holds that Bitcoin is a revolutionary technology with a lot of upside. “I've got no fear that Bitcoin doesn’t stay a real macro asset,” Novogratz said, quoted by U.Today. 

Author: Tyler Irvin

Related Articles