Novogratz Says “Parabolic Moves” Possible This Year
Novogratz is also optimistic on NFTs despite perceived overvaluations.
Key Takeaways
- Famed crypto investor Mike Novogratz said in an interview that he could see the market performing well in Q4.
- He also issued a warning to NFT holders, suggesting they consider taking profits when advantageous.
- Novogratz is less enthusiastic about gold.
Share this article
The Galaxy Digital CEO sees major price action on the horizon.
“Parabolic Moves”
In an interview with CNBC today, billionaire and early crypto adopter Mike Novogratz said he could see “parabolic moves” in cryptocurrency during Q4 of this year. He also issued a warning to NFT holders today at the Token2049 Conference.
In today’s interview with CNBC, Novogratz, who bought Ethereum back when it was only one dollar, said: “I literally see a scenario where we take out the highs in Bitcoin, and we have one of these parabolic moves in all of crypto going into the fourth quarter.”
Mike Novogratz is the CEO of Galaxy Digital, a multi-billion dollar digital asset and blockchain investment/financial services firm. He has been involved in the increasing institutional interest and adoption in crypto since at least 2017.
Novogratz argued that the assets that are ahead going into Q4 usually have “great finishes” because buyers tend to pile in and move prices higher. Moreover, he discussed the “tremendous” amount of both money and talent flowing into the cryptocurrency industry. He cited, for example, that $17 billion in venture capital money flowed into crypto in the first half of 2021 alone. Novogratz also stressed that crypto is a global asset, and is not limited in value by geographic region.
In the same interview, he expressed his belief that “gold is getting displaced quietly,” and while gold was a “decent” allocation for him personally earlier this year, he “finally kind of just gave up on it.”
Also today, at the Token2049 Conference, which included an impressive lineup of speakers, he said that while he does believe in NFTs, the “markets don’t go straight up forever.” Novogratz has been talking about NFTs for months now, well before NFT summer started heating up, and he still believes in the technology:
“The adoption of using blockchain to transfer and store [intellectual property] is only going to go in one direction.” He does, however, recognize that this sort of explosive run-up in NFTs is “not normal” and thinks it might be wise to “book some profits.”
Disclaimer: At the time of writing this feature, the author held BTC, ETH, and several other cryptocurrencies.
Share this article
