Galaxy Digital founder Mike Novogratz spoke to the press during the company's 2022 final quarter earnings report. The billionaire, who is closely followed by crypto investors, stated that the banking crisis that broke out in the US last week caused an “adrenaline burst” in the crypto market.
Galaxy Digital Announces Loss Above Expected
Galaxy Digital, which plays a leading role in the field of blockchain finance, announced a loss above analyst expectations. It turned out that the company made an annual loss of $ 1 billion with the publication of the 2022 Q4 balance sheet. Galaxy had a net profit of $1.7 billion in 2021.
According to quarterly reports, the blockchain company's losses were limited as crypto prices were relatively high in the first part of the year. However, the big drops that took place in the summer had a negative impact on Galaxy Digital.
Chief Investment Officer Christopher Ferraro emphasized that the company has rebounded with Bitcoin in recent weeks. According to Ferraro, transaction volume is increasing day by day.
“Crisis Revealed Vulnerability”
Speaking about the banking crisis after the quarterly report, Mike Novogratz thinks that “Bitcoin has become more resilient.”
“There is nothing like a banking crisis in the United States… We are reminded once again how fragile the traditional financial system is.”
Novogratz stated that cryptocurrencies emerged for exactly this reason.
