Mike Novograts compared the winter of 2018 to the “Game of Thrones”

The cryptocurrency-oriented merchant bank Galaxy Digital, established by Mike Novograc, suffered losses of $ 273 million last year, The Block reports, citing the company's financial report.

The whole 2018 year was hard for the Galaxy Digital. Thus, in the first quarter alone, the bank suffered losses in the amount of $ 134 million. In addition, in November, when a significant drawdown was observed on the market, Galaxy Digital was forced to close its ICO consulting business and office in Vancouver.

“The fourth quarter for cryptocurrency was like watching yesterday’s game of thrones series,” said Mike Novograz, comparing the market with a bloody battle.

At the same time, he believes that Galaxy Digital has managed to “outperform the market” and the company's business has improved over the past few months. Novograts also said that the bank still serves about a hundred clients, including institutional investors. At the same time, the head of Galaxy Digital noted that the company's profit has seriously increased compared with last year.

“Our goal this year is to bring our operating expenses as close as possible to break-even. And we have a good start. I am more optimistic than I was four months ago. Winter is gone and spring is about to begin, ”Novograc summed up.

Recall the head of Galaxy Digital is known for its rather optimistic forecasts for the future of the market. So, he repeatedly predicted the growth of Bitcoin, and recently stated that over the next 20 years, the capitalization of the first cryptocurrency “easily” exceeds the volume of the gold market.

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