The chief executive officer of Galaxy Digital said that two big crypto assets, Bitcoin & Ethereum, are not going away despite significant degradation in trust among Investors.
Last week, Mike Novogratz, CEO of Galaxy Digital, appeared in an interview with CNBC’s Squawk Box. In the interview, he talked about the current critical situation of the crypto sector, which arose after the collapse of the second biggest crypto exchange FTX & its sister companies like FTXus & Alameda, etc.
Galaxy Digital CEO said that we are really in that phase of the crypto industry where there is a crisis of significant confidence and also the chain effect of this situation is going on where other weak model-based crypto companies are struggling to survive.
According to Novogratz, it is going to take around a week for the crypto investors to get their stuck funds back from the struggling platforms.
Perhaps, here Galaxy Digital CEO expects that people will soon get their funds back but the opposite of it many other experts think it will take more than a year in this process because bankruptcy & jurisdiction of multiple countries will play a significant role & surely it will consume huge time.
Novogratz pointed out the positive thing in this situation and said that more than 150 million people from the world chose Bitcoin to store their wealth and they are holding it via cryptography proof, so these funds are not going anywhere and Bitcoin will stay here.
“In no world is Bitcoin going away, or quite frankly, the blockchain in Ethereum and everything else,” Novogratz added.
Further, Galaxy Digital CEO also hinted that the market may go through a sudden recovery where big companies may show their trust & inject huge funds into the present situation as an opportunity.
Further, he added:
“I don’t think it’s gonna be a V recovery but any stretch. It’s going to be a grind out of rebuilding trust.”