Mike Novogratz, founder of digital asset financial services firm Galaxy Digital, said that rising cryptocurrency prices show that an "energetic" investor base is removing the negative consequences of US pressure on the crypto sector.
"We see a lot of activity abroad and a administration in the US that is really trying to crash the industry, despite all this, prices are rising," Novogratz said at the FII Institute's PRIORITY summit in Miami Beach on Thursday.
Novogratz Says Cryptocurrencies Are Still In Favor Of Bulls
Novogratz said that the advent of institutional money has slowed, but is still in bull favor as participants in the crypto industry are "energetic":
“Crypto started as a small people's revolution, they didn't trust their government. You are fighting with a crypto community that loves this technology and believes in it with almost holy zeal.”
Galaxy Digital CEO Mike Novogratz believes that many of the "malicious people" and "terrible risk management practices" in the crypto industry are gone.
Novogratz previously predicted that Bitcoin could return to $30,000 by the end of March.
Bitcoin price has increased by about 68% this year after declining 64% in 2022.
On Tuesday, Novogratz said during his company's revenue meeting that seller fatigue and increased activity in Asia are driving crypto prices this year.
At yesterday's summit, he listed Abu Dhabi and Hong Kong as examples of regions striving for crypto-friendly regimes. While crypto trading is banned in mainland China, Hong Kong announced late last year its plan to make itself a hub for digital assets and web3 firms.
*Not investment advice.