Galaxy Digital CEO Expects Slow Grind to Build Trust After FTX ‘Failure to Self-Regulate’

The CEO of Galaxy Digital expects a slow grind to build trust with clients as back-to-back black swan events hit the crypto industry.

In an interview with CNBC, Mike Novogratz, the CEO of Galaxy Digital, mentioned that there is a crisis of confidence in the market. He doesn’t expect a recovery anytime soon because it will be a grind-out of rebuilding trust.

“This is always about building trust with your clients. Right now, we are in a deficit of trust. People think there is a black swan around every corner and that everyone else is, you know, a sociopath, saying one thing and doing something else,” stated Mike Novogratz

“Our industry has failed to self-regulate,” Galaxy Digital CEO Mike Novogratz says of cryptocurrency. https://t.co/YRU4JuDQA7 pic.twitter.com/x6iWF0Bbpp

— CNBC (@CNBC) November 23, 2022

What is Galaxy Digital?

Galaxy Digital is a publically traded company listed on the Toronto Stock Exchange and the Mexican Stock Exchange. The company offers digital assets, cryptocurrency, and blockchain technology services.

Billionaires Bullish on Bitcoin

While Mike Novogratz is skeptical about a quick recovery in the industry, he believes Bitcoin is not going away. He said, “There are 150 million people that have already decided to store some of their net worth in Bitcoin into this decentralized community that’s verified by cryptography. So, in no world is Bitcoin going away. This is a buying opportunity in the long run.He predicted that Bitcoin is still on track to hit $500,000 in five years.

While Cathie Wood, the CEO of Ark Invest, mentioned in a Bloomberg interview that Bitcoin will hit $1 million by 2030. Ark Invest is an American investment management firm that invests in “disruptive technologies.” Wood believes that once the institutions understand the technology, they might be comfortable moving into Bitcoin and Ethereum.

She asserted in the interview that:

“Bitcoin is coming out of this smelling like a rose”

Got something to say about Wood’s Bitcoin price prediction or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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