Despite Recent Crypto Debacles, BTC and ETH Will Slowly Get Back MIke Novogratz Says

Despite overwhelming unfavorable opinion in the market, the CEO of crypto investing business Galaxy Digital claims that the top two major digital assets aren’t going anywhere.

In a recent interview on CNBC’s Squawk Box, billionaire Mike Novogratz said he doesn’t see the flagship cryptocurrency Bitcoin (BTC) and top smart contract platform Ethereum (ETH) collapsing, despite the fact that the crypto markets are experiencing a confidence crisis. Novogratz said:

“We certainly have a crisis of confidence in this market, and we’re not out of the woods yet. There’s a lot of daisy chain effect going on and people had exposure to Three Arrows and others had exposure to FTX, and FTX was a major player. So it’s going take a few weeks for people to just to even get their balance back.

Bitcoin’s not going away. There are 150 million people that have decided to store some of their net worth in Bitcoin, into this decentralized community that’s verified by cryptography, and so, in no world is Bitcoin going away, or quite frankly, the blockchain in Ethereum and everything else.”

Bitcoin is currently trading 2.5% down over the past 24 hours at $16,162 according to CoinMarketCap and Novogratz expects this not to shoot up immediately but rather gradually as it will be “a grind out of rebuilding trust where centralized companies are going to have to do things differently,” he said.