Mike Novogratz, a Galaxy Digital CEO, told Bloomberg that Bitcoin would consolidate for weeks around its current position. He expected the same for Ethereum.
At first, the CEO thought that BTC might consolidate around $40,000 and $55,000. He suggested that consolidation is vital to create enough momentum to exceed the $55,000 support level. That might take four to six weeks. In addition, the executive said that Galaxy Digital was purchasing about $42,000, the lowest price since February.
When questioned about ETH, Mike Novogratz remarked on how the digital coin went to $4,000 from $800 in less than five months. The CEO admitted that Ethereum had a smooth run, and consolidating from $3,000 – $4,000 can be a healthy trend.
Mike stated that the upgrade on the Ethereum network this summer would increase the usage of the asset. The Galaxy executive acknowledges the potential with blockchain, hosting decentralized finance policies, non-fungible tokens, and stablecoins.
Businesses Impact on Environment
The conversation touched on Elon Musk’s decision to suspend Bitcoin purchases on Tesla cars because of environmental concerns. Novogratz acknowledges that Elon is a prominent person in the American business and the cryptocurrency world. Keep in mind that Musk attacked BTC in the last week. Galaxy Digital CEO stated that Elon’s BTC power usage concern should apply to all industries.
Novogratz said that shifting to sustainable resources can take about seven to eight years. He expects the Bitcoin industry to respond on how it will get rid of the environmental impact.
Novogratz’s considerations come after Galaxy Digital released a report stating that BTC uses less electricity than other financial systems like banks and the gold industry.
Galaxy Digital Business
On the other news, Galaxy Digital announced another record quarter, increasing its net income from $336 million in the last quarter to $860 million. The executive also reported that the firm had acquired BitGo recently.
At the interview, he highlighted that his firm invests in the entire sector rather than Bitcoin alone. He stated that Galaxy Digital would continue to grow as it is in an expanding industry. He expects the total crypto market capitalization to increase by 2% – 4%. Keep in mind that the current cryptocurrency market cap is more than $2 trillion.
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