The bear market lost more than 272 million US dollars, and well-known encryption investors still purchase Galaxy Digital shares

The bear market lost more than 272 million US dollars, and well-known encryption investors still purchase Galaxy Digital shares

From January to December 2018, the valuation of the bitcoin market fell from $813 billion to $113 billion, a drop of 86%; and the price of bitcoin fell from a peak of $20,000 to $3,150.

Since December last year, the digital currency market has increased by $55 billion in five months, and bitcoin has risen from $3,150 to $5,200, an increase of 65%.

Mike Novogratz buys more shares in GalaxyDigital, which is a bigger bet on bitcoin and the market

Even though Galaxy Digital suffered losses in the previous year, in January of this year, Mike Novogratz spent another $5 million to acquire a 2.7% stake in the company.

The acquisition will increase Mike Novogratzz's shareholding in its company to 79.3%, which fully demonstrates his confidence in the bitcoin and digital currency markets.

Galaxy Digital co-founder Sam Englebardt said in an interview with TechCrunch last year: Galaxy Digital has invested hundreds of millions of dollars in blockchain and digital currency so far.

He says:

This is a commercial bank with a balance sheet investment. We invest in all things related to blockchain and digital currency and invest heavily in the future of technology. We are also listed in Toronto (the exchange has implemented a reverse merger with a shell company). We have invested hundreds of millions of dollars in blockchain and digital currency.

Galaxy Digital's commitment and Mike Novogratzz's acquisition of more shares in the company during a drastic adjustment indicate that Mike Novogratzz is optimistic about the long-term prospects of the digital currency industry.

According to reports: Earlier this month, in a survey conducted by digital monetary researcher Willy Woo, Mike Novogratzz said that the probability of Bitcoin having fallen to a minimum of $3,150 in December last year was 85%.

I investigated some influential people, analysts, and traders because they thought the bear market might bottom out. The results are as follows:

95% @woonomic (Adaptive Capital / On-chain Analyst)
90% @jespow (Kraken founder)
90% @arjunblj (Analyst)
85% @novogratz (Galaxy Digital)

-Willy Woo (@woological) April 22, 2019

Why did Mike Novogratzz want to bring Galaxy Digital to market?

Although the investment business is still the largest venture capital of Galaxy Digital, co-founder Sam Englebardt said that if the company only intends to continue to be a venture capital company, it will not be listed on the Canadian stock market.

But it doesn't stop there. Sam Englebardt is committed to investing hundreds of millions of dollars in the project and plans to serve institutional investors on a long-term basis. He said: The company needs to go public, providing institutions with an exposure to blockchain and digital currency investments.

He said: "If we only want to be a venture company, then we don't need to go public. But we are at a stage where institutional investors want and need to invest in blockchain investment and digital currency, and they also need a section. Time can be assured to buy these assets directly,"

In February of this year, Mike Novogratzz pointed out that the company expects the digital currency market to undergo a difficult recovery process and expects institutional investors to take longer to enter the market.

He says:

“The recovery of digital currency will take a long time, but we will continue to work hard. I am too optimistic about the future of the organization, but I can't estimate the specific entry time, but by that time, the market will have a huge growth. I predict for the time being that this may be in the third quarter of 2019."

-Ari Paul⛓️ (@AriDavidPaul) February 1, 2019

Ari Paul of BlockTower Capital also said that institutional investors may take several quarters to enter the digital currency industry.

In recent months, major financial institutions such as Fidelity and Intercontinental Exchange (ICE) have made tremendous efforts to strengthen the institutional infrastructure to support digital currency assets. Bakkt acquired DACC on April 29 to Better serve institutional investors in the digital currency market. (CCN Chinese Station)