Michael Novogratz, the billionaire founder of Galaxy Digital formerly of Fortress Investment Group, has said he has become much more bullish in bitcoin and crypto in recent months.
“I am more and more bullish BTC and our whole space,” he said despite the bitcoin price being down about 74 percent from its all-time high.
Why Investors are More Bullish in Bitcoin Now
In many ways, the crypto sector has demonstrated strong efforts to move towards the right direction to create a more secure, transparent, and regulated market.
Companies like Binance, the world’s largest crypto exchange, stepped up efforts to prevent money laundering with its new partnership with Ciphertrace and Gemini, a major U.S.-based crypto exchange, obtained insurance from Aon to better protect user funds.
Such efforts led to an inflow of capital from accredited and institutional investors who now feel comfortable investing in the relatively new asset class.
Earlier this week, Global Custodian and The TRADE Crypto in partnership with BitGo released a survey that found 141 endowments out of 150 in the U.S. already invested in the crypto market.
Jonathan Watkins, managing editor, Global Custodian and The TRADE, said: