Mike Novogratz, CEO of Galaxy Digital, stated in an interview with Bloomberg that the cleaning up of bad actors in the crypto industry is highly positive for the sector. Novogratz emphasized the importance of removing bad actors from the industry during the downturn in 2022, believing that most have now exited the sector and that markets are effective and regulators are active.
The Galaxy Digital president expects more bad actors in the industry to be punished and sees the agreement between the US and Binance as a big win for both the crypto exchange and the sector. Additionally, Novogratz predicts that the US economy will slow down significantly in the first quarter and that the Fed will lower interest rates.
According to the CEO of Galaxy Digital, the first interest rate cut decision in the US is expected to be made in the second quarter of 2024. CEO’s anticipated interest rate cuts are shown as one of the main catalysts for the recent rally in the crypto market. Furthermore, the spot Bitcoin ETF is considered another important factor behind the market’s rise.
Novogratz also highlighted that a significant trend change in the dollar index could be the beginning of a new Bitcoin rally. The famous billionaire continues to maintain his optimism for Bitcoin and expects a new Bitcoin rally.
The Galaxy Digital president states that an expected spot Bitcoin ETF in the US will be one of the main catalysts behind the predicted surge. Novogratz predicts that if the world’s largest asset management companies, BlackRock and Fidelity, can convince more people to adopt Bitcoin, the price of the largest cryptocurrency will reach much higher levels.