Galaxy Digital CEO says BTC and ETH are best investments

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  • Mike Novogratz is bullish on crypto, specifically the top two coins bitcoin and ethereum.
  • The CEO of Galaxy Digital says that BTC and ETH have been the best risk-adjusted investments over the past few years.
  • He also suggested during the company’s earnings call that the US is at risk of losing its position as a financial and innovation leader.

Galaxy Digital CEO Mike Novogratz Says Crypto Is In “A Good Moment” Highlighting The Fact That Bitcoin And Ethereum Has been the best risk-adjusted investment in the world over the past few years.

This is what the billionaire investor said while commenting on the crypto market outlook during Galaxy Digital income call, They said:

“I Watch now and say, “What’s cool?” Bitcoin is trading above $27,000, Ethereum above $1,700. On a risk-adjusted basis, that is volatility adjusted, Sharpe ratio, bitcoin and ethereum have been the two best performing assets in the world this year. They have been the two best performing assets in the world over the last two years. So, whatever Jamie Dimon wants to say, whatever the Biden administration wants to say, they’re absolutely wrong, and the world knows it.,

Novogratz explains what’s driving crypto

Bitcoin has tested 2023 resistance near $29,000, an upside of about 84% from its current price of $28,650. Ethereum also traded above the $1,800 level as investors eyed the $2,000 level. According to the latest market data, the price of Ethereum is up about 61% year-to-date.

According to Novogratz, the recent price action has the top coin poised for more gains over the next several months. As highlighted in the earnings call transcript, Galaxy Digital’s CEO believes that “all the selling necessary was done as crypto prices declined.”

The billionaire investor said that retail has also been far behind the recent price hike.

,What is promising, and what has driven crypto broadly this year, are two things. One, all the sales that needed to be made were done, right? There was a lot of bad news, if you have to sell, panic selling and just “Oh my God! This thing could go to zero,” and people were in extreme panic, you had seller exhaustion. But, you reopened Asia China has—you know, after Xi’s protests around Covid zero, China has taken its regulatory boot around the neck of its tech companies, and that includes crypto, so you’re seeing, Chinese travel With, you’re seeing more activity from Asia,

Bitcoin Could Be “Substantially” Higher in a Few Months

Novogratz also believes that the current wave of adoption in the Middle East, Hong Kong and Europe bodes well for the crypto industry, even if the US loses its position as the financial market leader.

According to him, the Biden administration’s assault on cryptocurrencies, as evidenced by the series of enforcement actions and indictments, among other things, is short-sighted.

As for his outlook for bitcoin and the wider crypto market, the Galaxy Digital chief said:

, The market feels strong, and when I look at it technically on the charts, we have a big weekly close. I’m surprised to hear myself say this, given where my mindset was at the end of December, but it wouldn’t be surprising if we were pretty much over three months, six months, nine months.,

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