Galaxy Digital CEO Mike Novogratz Predicts Way Forward for Bitcoin and Crypto Markets

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Galaxy Digital CEO Mike Novogratz predicts that after near-term consolidation Bitcoin (BTC) will experience a bullish fourth quarter and rally alongside the stock market.

In a new interview on CNBC’s Squawk Box, Novogratz said that as one of the big winners of the year, crypto “will continue” with the S&P 500.

“Prices are probably going to stabilize a bit here and consolidate. You will not continue to ascend forever. But I guess it’s the fourth quarter, the S&P 500 has a good quarter and the crypto has a good quarter. Usually, the winners of the year, when they have that much head start, keep rolling.

Novogratz says a massive paradigm shift is happening in the crypto space, and not just with Bitcoin. It refers to Ethereum (ETH) competitors starting to gain prominence, as well as mainstream companies like Visa adopting non-fungible tokens (NFTs).

“I think there’s a recognition that things are going to be built on blockchains, and so it’s Ethereum, it’s LUNA, it’s Solana, it’s what we call [Layer 1] protocols. All of them have really jumped in the past four weeks. In fact, Ethereum has fallen behind a lot of these other smaller protocols as people try to figure out which one wins. Ethereum is definitely the leader, and I don’t see it being dethroned, but that doesn’t mean these other protocols wouldn’t have a piece of that fabric. So it’s hard to predict where the prices are going when you have a paradigm shift.

The paradigm shift is, until recently, people were wondering, “What is this crypto thing?” And now you have Walmart, Visa, everybody says, ‘Hey, I have to participate. So I think it’s really an important moment in this space, and I think the awards recognize that.

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