- Novogratz is reorganizing and restructuring Galaxy Digital to work through bear market
- He’s still optimistic about the future of digital assets
Bloomberg Crypto reported that Bitcoin is rising for the fourth day in a row, which is injecting some optimism into investors. However, there’s still beef between the crypto titans. Bloomberg’s Sonali Basak reports.
His daughter “wouldn’t approve”
Mike Novogratz of Galaxy Digital wants to “punch” both Sam Bankman-Fried and Barry Silbert in the jaw, but his “daughter wouldn’t approve of it.” There are a lot of things overhanging the industry – FTX fallout, the LUNA debacle, etc. – which explains why crypto is still “limping through.”
Novogratz provided a timeline for long it would take for Galaxy to work itself through the situation. He’s reorganizing and restructuring his company and trying to emerge as a face of this industry.
Novogratz is counting on a comeback
He’s still optimistic about the future of digital assets, although he’s spoken out against NFTs in the past. He hasn’t sold and left. According to him, the institutions are poised to win, entities like Fidelity and Goldmann Sachs. He actually set up his office near Goldmann Sachs’ office.
Basak reported he was buying out assets from the bankruptcies of different market players. That has been a consistent trend. Last year, Bankless Times reported that Goldman Sachs raised $2 billion from investors to purchase crypto lender Celsius’ assets.
Celsius was facing insolvency, and the offer would have made it possible for investors to buy the assets at a good price if the lender had filed for bankruptcy.
Basak added on a rather despondent note:
When you look at institutionalization, you wonder what kind of talent that starts to nurture and create. A lot of people have left their jobs in crypto. Galaxy cut 14% of its workforce of just under 400 people to focus on the institutions.
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