Mike Novogratz, CEO of Galaxy Digital Holdings, a crypto-focused financial services company, praised Larry Fink, CEO of the world's largest asset manager BlackRock, for changing his views on Bitcoin.
In an interview with Bloomberg, Novogratz said that Fink is one of the top names in the crypto space this year as he has turned from someone against Bitcoin to a believer.
He said Fink took the “orange pill,” a term used by the crypto community to describe someone who is convinced of the value and potential of Bitcoin.
Novogratz argued that Fink's endorsement of Bitcoin as an “international asset” and BlackRock's application to launch a Bitcoin ETF are signs of an “adoption cycle” that could boost BTC.
In particular, he said that if the FED takes a more dovish stance, Bitcoin could exceed the record level of about $69,000.
Novogratz also commented on various crypto industry-related issues, such as the SEC's lawsuit against Ripple Labs, Sam Altman's Worldcoin project, and Galaxy's presence in New York.
He said the recent court ruling that XRP is a security in some cases but not in others is a “huge victory” for crypto as it shows that the regulatory framework is unclear and needs more clarity.
He also said that he cannot confront Altman, the co-founder of Worldcoin and ChatGPT, for investment due to the artificial intelligence hype currently experienced.
Novogratz also stated that young and risk-tolerant users, who currently have $ 100,000, would buy Alibaba stock, silver, gold, Bitcoin and Ethereum if they were in place. He argued that more conservative investors should allocate 30% to these assets and 70% to bond and index funds.
He said he was determined to keep his company in New York despite high taxes and regulations because he still believes the city is the financial capital of the world.
*Not investment advice.
