In an interview with Bloomberg, Mike Novograc said that although Galaxy Cryptobank Cryptobank’s losses since the beginning of the year were $ 136 million , its “brainchild” did not lose money at the time of the first Bitcoin exchange rate drop by 60%. He also compared investment in cryptocurrency with drug addiction, and the current market situation with rehabilitation.
“To be honest, we did an excellent job and did not lose money when the Bitcoin exchange rate fell by the first 60%. Let's not forget that bitcoin, having fallen by 84%, first lost 60%, and then another 60%. From here the pain begins. You buy the broadcast, because it costs $ 400, after it cost $ 1,300, but then it drops to $ 100, and you lose 75%. In this context, we did not do anything terrible, but we remained in the red, ”the cryptoinvestor said.
Counting on the bearish trend coming this year, Mike Novograz hoped that Bitcoin would hold at $ 6,200 . In his opinion, the cryptocurrency market was falling because of the hard forks of Bitcoin Cash and pressure from the SEC on some ICO startups.
Novograts believes that the SEC measures have frightened many investors with possible losses. Despite this, the SEC does not want to kill technological innovations, he added. Novograz also stressed that the ICO market is now dead due to the exploded hyip and numerous cases of fraud.
“We talked in detail with the SEC about this. I think what awaits us is the market of security tokens – for example, a portfolio of tokenized real estate objects. Such things do not rise from $ 1 to $ 1,000. They bring in 14% each and are sold to qualified buyers. It sounds damn less sexy, but you will see that business will grow in that direction. ”
The billionaire noted that although he believes in the cryptocurrency movement, when the price becomes “bad”, he sells coins. According to him, Bitcoin will not fall to zero, despite the fears of the community.
“Many of my friends on the crypto-market simply could not retreat. They said, "It will change the world." But revolutions do not happen overnight. When you find yourself in a speculative mania, testosterone "boils", and you are seized by greed. The audience became more sober – the drug disappeared. We are now on the other side, where pessimism and fear prevail, ”he said.
Recall that in October Novograc said that Bitcoin will reach new highs with the arrival of institutional investors in the market in the first half of 2019.
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