Galaxy Digital to Avoid Losses - Founder

New biilionaire's interview looks pretty interesting
12 December 2018   1293

In an interview with Bloomberg, Mike Novogratz said that although Galaxy Digital Holdings losses since the beginning of the year were $ 136 million, its “child” 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.

And to be fair, we did a really great job not losing money the first 60 percent down. What you forget is that a market like Bitcoin that’s down 84 percent has dropped 60 percent—and then another 60 percent. That’s where the pain happens. You start buying Ether again, because it’s only $400 after being at $1,300. But then it drops to $100, and you’ve lost 75 percent of your money. We haven’t done horribly in that context, but we’re still down.
 

Mike Novogratz

Founder, Galaxy Digital 

Counting on the bearish trend coming this year, Mike 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.

Novogratя 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 hype and numerous cases of fraud.

The ICO market is pretty much dead right now. There was a lot of fraud, and there was a lot of hype, and people lost money. The SEC was behind the curve, so they slammed on the brakes. But the SEC doesn’t want to kill this innovation; we’ve spoken to them at length. I think you’ll see a market for security tokens—a real estate portfolio that gets tokenized, for example. These aren’t things that go from $1 to $1,000. They’re things that yield 14 percent, and they’ll be sold to qualified buyers. That sounds a heck of a lot less sexy, but you’re going to see that business grow.
 

Mike Novogratz

Founder, Galaxy Digital 

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.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   318

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.