In an exclusive interview with the Financial Times, ex-Goldman Sachs partner Mike Novogratz and CEO of Galaxy Digital admits that “it sucks to build a business in a bear market” even as he expresses bullish prospects of his company and the future of the crypto-sphere.
The billionaire expressed that 2018’s bear market has directly hampered his plans to grow Galaxy Digital into the “Goldman Sachs of crypto,” an evident nod to his former stint at the multinational investment firm. While known for his bullish predictions over the market, his anxieties are understandable as he had channelled his crypto wealth, an estimated US$302 million into founding Galaxy Digital. Galaxy currently manages about $460 million in assets across three offices in London, Hong Kong and Tokyo.
Novogratz however remains optimistic, believing that the prolonged bear market might be seeing a shift in momentum soon.
“You’ll see that flip next year. That’s when prices start moving again.”
“It’s easy to get sceptical but there’s something happening… I originally said ‘I am setting up the Goldman Sachs of crypto’, we need to stay very flexible on where things go.”
Tim Swanson, founder of fintech advisory firm Post Oak Labs was also quoted by the Financial Times as commenting that Novogratz bolds predictions were “something that he has no influence over.”
Skeptics abound, Novogratz’s vision is one the biggest project of its kind and, depending on the condition of the market, could prove itself to be yet another lucrative investment.