The founder of Galaxy Digital, Mike Novogratz, in an interview with Bloomberg expressed calm about the rout in the cryptocurrency market on September 7 and compared the usefulness of digital gold with the advent of the Internet.
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He said that the fall in Bitcoin’s price is linked to elevated tensions in the industry. Novogratz believes that retail investors dominate the cryptocurrency market, reacting too sharply to price volatility.
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\”Cryptocurrencies are not just buying Bitcoin as a hedge against poor monetary policy. This is Web 3.0. It’s like the Internet in terms of value transfer,\” explained the head of Galaxy Digital.
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Novogratz compared the first cryptocurrency to ‘next Internet’, one that does not want to miss any investors.
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On September 7, Bitcoin fell below $43,000. The total amount of liquidations surpassed $3 billion.
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In August, Novogratz stated that American policymakers and officials are not doing enough to understand cryptocurrency technology, and hinder innovation in finance.
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