Billionaire founder and CEO of Galaxy Digital, Mike Novogratz, recently spoke to CNBC’s Squawk Box about the recent spike in crypto prices. Generally, he believes that the general crypto market will stabilize and gear up for a possible bull run in Q4. He is also optimistic about the S&P 500 as well.
Novogratz said:
“Prices will probably stabilize here a little bit and consolidate. My guess is Q4 the S&P has a good quarter and crypto has a good quarter.”
Speaking during the interview, Novogratz mostly believes that the possibility of a great Q4 for the crypto market may be dependent on e-commerce giants Amazon and Walmart. The two retail giants are looking to get into the sector and have published related job vacancies, including crypto department heads and crypto engineers.
Novogratz also references Visa’s NFT purchase. The payment giant recently purchased a CryptoPunk NFT for $150,000 worth of Ethereum. The purchase caused a rise in the average price of NFTs in the CryptoPunks collection. Novogratz also said he has spoken to someone in charge of Visa’s crypto efforts, somewhat confirming that Visa’s purchase symbolizes a significant interest in the sector.
The billionaire then spoke about the recent $3.5 trillion infrastructure bill that sought to raise part of the funds via crypto tax. The proposal caused quite an uproar in the industry, eventually causing a suspension of the crypto part.
Images Credits: Pixabay
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