Galaxy Digital LP, Mike Novogratz’s cryptocurrency-focused merchant “bank”, is just two days away from starting operations.
Mr. Novogratz’s new project will operate on the TSX Venture Exchange, a Toronto-based platform on which he expressed the utmost confidence.
While it is difficult to operate in the United States, the reality is not very different in Canada. The former member of Goldman Sachs Group Inc. comments how “frustrated” he was by the constant demands and bureaucratic processes imposed on him by the regulatory bodies.
It was precisely because of this thorough scrutiny, that the release of the platform was postponed for several months. An obstacle that evidently had an impact on investors’ future expectations.
In statements quoted by Bloomberg, Novogratz commented that although he does not regret his decision to go public, he probably would have been better off waiting a bit:
“If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public… but I don’t think it’s a mistake.”
Novogratz: Bullish investor and Enthusiast Crypto-Proponent
Mike Novogratz is a confessed Bitcoin Bullish. He bets on a Bitcoin reaching 40k by late 2018. He also believes that Ethereum can go as high as 1.5k.
Also, Novogratz is known for believing in the mass adoption of cryptocurrencies, supporting token investment as a strategy for profit.
In an interview with CNN on May 9 of this year, Novogratz commented that it is “almost irresponsible” not to invest in Bitcoin
He comments that although he regrets that the current hype on the use of cryptos is not the same as it was at the end of 2017, he still has” faith that they will come back.”
Regulations vs Expansion
For Novogratz one of the reasons, he believes that explains the fact that regulatory bodies are currently paying more attention to the crypto market is because of the lack of seriousness and real knowledge of that market by most of the population.
“There was a surge of companies that listed in Canada and they all traded really poorly. I think the regulators got a little bit more nervous and said, ‘Hey, wait a minute, let’s make sure we know what we’re seeing here’.
He also commented that Galaxy Digital has high growth expectations. They expect their market to expand not only within Canada but internationally:
“We’re going to be a global company; we want to be globally traded.”
Galaxy Digital Holdings Ltd will trade under the GLXY ticker