Novogratz: “The Year of Survival”

Galaxy Digital CEO Mike Novogratz suggested in a new interview with CNBC that 2023 is the year to focus on surviving after many market turmoils over the past year. The billionaire investor made the following statements in his statements:

“2022 has been a devastating blow for growth stocks and the cryptocurrency ecosystem. And everything about it especially growth with massive cost and revenue declines has slumped as many cryptocurrencies do.”

Mike Novogratz also addressed Coinbase, which announced that it had laid off approximately 1,000 employees due to the bear market prevailing in the cryptocurrency markets. The expert suggested that CEO Brian Armstrong and the company made the right decision to keep the cryptocurrency exchange financially healthy. The billionaire investor said in his statements:

“I think Brian (Armstrong) at Coinbase is doing the right thing, like any sensible CEO. The outlook for cryptocurrency isn’t terrible, but it’s not great either. We have regulatory headwinds that we didn’t have before. We have time to refine and rebuild the narrative so people can “Crypto isn’t crashing. What’s interesting is that the price of Bitcoin and Ethereum has been pretty stable for the past few months. It’s actually gone up in the last few days. I think it’s a pretty clean market in the current position.”

Expert Mike Novogratz stated that despite setbacks, his company Galaxy continues to double down on its work in the cryptocurrency space, including the recent acquisition of a Bitcoin (BTC) mining operation in Texas.

“We bought a large mining facility in Texas. We bought GK8, a self-monitoring company in Israel. We lean where we think it fits, but we also understand that ‘2023’ is the year you want to survive.”

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