Billionaire Mike Novogratz Says These Cryptos Are Here to Stay Despite Current Bear Market – Here’s What You Need to Know

cryptonews.com:

Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, named two major cryptocurrencies among those that are here to stay despite the massive turbulence seen in the crypto market this year: bitcoin (BTC) and ethereum (ETH). 

The CEO shared his thoughts during an interview with CNBC on Wednesday, stating that, currently,

"We certainly have a crisis of confidence in this market, and we're not out of the woods yet."

It will take a few weeks, he argued, for people to "just get their balance back" following several major collapses in the space, including Terra, Three Arrows Capital, and FTX.

However, despite all this, Novogratz said,

"Bitcoin is not going away. There are 150 million people that have already decided to store some of their net worth in bitcoin. [...] In no world is bitcoin going away, and quite frankly, the blockchain, and Ethereum, and everything else."

If anything, this is a buying opportunity in the long run, and prices may possibly go a bit lower, he suggested. Therefore, in his opinion, more people will come in to "inject capital." 

Being asked about the situation surrounding the now-collapsed crypto exchange FTX, Novogratz said that it is all "about transparency and disclosure." 

Centralized companies play a relevant part in the crypto ecosystem, he added, but they have to build trust with their clients through transparency and risk management. 

"This is always about building trust with your clients, and right now, we're in a deficit of trust. People think that there is a black swan around every corner, that everyone else is a sociopath and saying one thing and doing something else." 

The long-term goal, said Novogratz, remains the same - creating a completely