Billionaire investor, Mike Novogratz, who has been one of Bitcoin’s (BTC) largest supporters, has suffered during this turbulent period in the crypto space. The fall in the prices of altcoins hasn’t helped matters.
As previously reported, Novogratz’s crypto investment startup Galaxy Digital lost $100 million throughout 2018. This loses occurred as the bear cycle for the crypto industry continues into the final month of this year.
Despite the state of things, Novogratz has remained bullish on digital assets and steadfast on his outlook for the future of the industry. The investor has managed to take the issues on the chin. Instead of sugar coating the recent market turn, which wiped tens of billions from the total market capitalization in just days, the investment mogul admitted to the current bleak landscape when speaking in a conference call three days ago.
Novogratz Believes in Blockchain and Cryptocurrencies Despite Current Market Conditions
Novogratz has reiterated his commitment to the long-term growth of blockchain technologies and cryptocurrencies, despite the current volatile price movements. While many investors have heard the refrain of institutional investment and coming adoption, Novogratz is using his position as a Goldman Sachs partner and former Fortress Group hedge fund manager to offer some assurance that he has a positive outlook for cryptocurrencies in the future.
Gaming Industry Answer: TRON Arcade
Novogratz’s comments regarding the integration of crypto and blockchain into the gaming space comes days after TRX announced the launch of its new technology TRON Arcade. The endeavor, which sums up a $100 million fund to be paid in installments in the next three years, aims to incentivize development as well as innovation for crypto and blockchain gaming on TRON –a movement that isn’t far from what Novogratz expounded on in the conference call.
Galaxy Digital Still in Forefront for a Market Turn
While the significant losses incurred by Galaxy Digital following a series of heavy bets on digital assets (which grew to the tune of $136 million during the first nine months of 2018) have been blown out of proportion, the company remains in prime position to make gains should a market turn occur. Although the 2018 calendar year for digital assets has been cruel to the valuation of BTC and other tokens, the sector has recorded substantial growth in new adoption and integration.
Investors who have suffered with Novogratz and his firm don’t have much to be excited about currently. However, it is reassuring to hear news that provides a glimmer of hope for the future of digital currencies. However, long-term veterans in the industry are weathering another cycle of bust pricing, an event that’s seen Bitcoin many times in the past falsely proclaimed as dead.
Novogratz indicated that the actions of the SEC against the cryptocurrency sector, including their decision not to consider the approval of the Bitcoin ETF, presently is introducing the current uncertainty in the market. The business mogul believes this has led to the recent sell-off in the market.
However, Novogratz believes that a better relationship between the SEC and the cryptocurrency space in 2019 and even beyond will be a driving force for sustainable growth. This will clear the regulatory path for institutional investors and firms looking to take invest hugely in the sector.