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Bitcoin (BTC), Cryptocurrency-Mike Novogratz, the billionaire investor who was also one of the biggest supporters of cryptocurrency, has suffered with the rest of the market for falling prices of Bitcoin and altcoin. As before reported by EWN, the cryptic investment company of Novogratz, Galaxy Digital, lost over $ 100 million in 2018, as the bear cycle in progress for the sector extends to the last month of the year.
Novogratz, who remained optimistic about the crypt and steadfast on his prospects for industry, managed to take everything on his chin. Unlike the sugar coating, the most recent market breakthrough, which has swept tens of billions of market capitalization over a period of days, the head of investment has admitted the current squalor talking in a teleconference on November 30th,
"It was a horrible bear market in token.There are a lot of reasons to be depressed."
However, Novogratz reiterated its long-term commitment to the growth of both blockchain and tokenised cryptocurrency technologies, even with the current volatile price situation. While many have heard the refrain of "coming adoption" and "institutional investments", Novogratz is taking advantage of its position as a former hedge fund manager of Fortress Group and partner of Goldman Sachs to ensure that it has a rosy outlook for the crypt in the coming years. .
According to Novogratz,
"Basically I think you will see a great adaptation in 2019, 2020. Many articles in the digital world, e-gaming space, are low-value objects so I think people will be more comfortable in participating in the blockchain. that area ".
Novogratz comments on the integration of blockchain and cryptocurrency into the gaming industry come just days after the group behind the top fifteen coins by market capitalization TRX announces the launch of TRON Arcade. The initiative, which amounts to a fund of $ 100 million paid in installments over the next three years, seeks to boost the development and innovation for blockchain and encryption on the TRON network – a movement that is not very far from what Novogratz exposed in the conference call.
While much has been done for the significant losses sustained by Galaxy Digital's heavy wager on digital assets, which amounted to $ 136 million in the first nine months of the year, the company is still in a prime position in the event of a market. The solar year for 2018 was particularly hard for the assessment of Bitcoin and other big names, but saw substantial growth in terms of new adoption and integration into existing fields.
Investors who have suffered for the bear market along with Novogratz and his company have little to be enthusiastic about at the moment, but it is reassuring to hear opinions that provide a glimpse of the future of cryptocurrency. However, the long-time veterans of the industry are gloomily facing another cycle of boom and bust prices, an event that has led Bitcoin to be falsely proclaimed "dead" many times in the past.
Novogratz referred to the actions of the US Securities and Exchange Commission (SEC) against cryptocurrency, including the decision to waive the approval of a Bitcoin ETF at the time, introducing uncertainty into the market that led to the newer selloff,
"Part of the sale is due to the fact that, in my opinion, the SEC has become harsh for some fraudulent ICOs, and not only have they been tough with them – they said that personal investors can go into reparation in many cases. people got very nervous ".
However, Novogratz also cites a better relationship between cryptocurrency and SEC in 2019 and beyond, as a driving force for new growth, which will open the regulatory path for larger investors and companies looking to take the plunge into the industry.
