Bitcoin and the rest of the cryptocurrency market has come a long way from its inception with several use cases and adoption by mainstream companies elevating the industry. This has also been evidenced by the backing of several of industry titans with Galaxy Digital’s Mike Novogratz being a foremost proponent of the industry.
Novogratz had made several comments during Bitcoin’s rise and had informed users that the entire cryptocurrency industry would benefit from the concept of a decentralized financial ecosystem. Recently, Galaxy’s CEO also commented on the recent Bitcoin price crash stated that the “crypto revolution is actually going to happen.” He said:
“What 2017 did, that crazy bull market, is it got people unrealistic expectations on how fast the blockchain revolution, the crypto revolution is actually going to happen. This is not like a backwater experiment anymore, this is part of the financial infrastructure. It’s time for the regulators to catch up.”
Novogratz confessed that despite the industry’s benefits, the crypto-verse still has a long way to go before integration into the mainstream market. The industry leader opined that even though Bitcoin is at a low right now, the world’s largest cryptocurrency and its compatriots will be given an enormous boost once institutional players come into the market.
At press time, Bitcoin was trading for $9601.38 after a slight pickup in the hourly and daily spectrum. The cryptocurrency held a market cap of $171.92 billion and a 24-hour market volume of $15.18 billion. The Bitcoin crash occurred on August 29 when the cryptocurrency’s price fell from $10,26.80 to $9780.52 in the span of just an hour.
Michael Novogratz was also in the news earlier when he talked about Libra’s influence on Bitcoin and the rest of the market. He had said:
“One thing that Libra did—when you saw Mastercard, and Visa, and PayPal, and Uber, all sign up—it credentialized crypto. And so every institutional player is looking how do they get their foothold in. And as those guys move in, first to Bitcoin, and then to broader crypto, you know that’s what drives this next price move.”
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