In a Wednesday interview with Bloomberg, Galaxy Digital boss Mike Novogratz has said that the number of bad actors who got swept out of the industry was "pretty significant" during the crash in 2022. Novogratz now believes that most of the bad actors are now "off the stage."
"Markets are pretty efficient, and regulators are pretty efficient," Novogratz said.
However, the billionaire doesn't rule out that more bad actors within the industry will see their comeuppance.
During his interview, Mike Novogratz opined that the Binance settlement was "great" for the company as well as the entire industry.
A major shift on the horizon?
The Galaxy Digital boss expects the U.S. economy "to slow a lot" during the first quarter. "The Fed will be cutting rates," Novogratz predicts. The cryptocurrency mogul believes that it will likely happen in the second quarter of 2024.
As reported by U.Today, market expectations of upcoming rate cuts were the main catalyst behind the most recent cryptocurrency price rally.
Novogratz believes that the recent dollar sell-off could be the start of a major trend shift.
An upcoming Bitcoin rally
At the same time, the billionaire remains optimistic about the prospects of another Bitcoin rally. "There's a bunch of good things happening for Bitcoin," Novogratz noted.
He sees the widely expected approval of a spot Bitcoin ETF as one of the main catalysts behind the predicted surge.
If the likes of BlackRock and Fidelity convince more people to adopt Bitcoin, the price is going to be "significantly higher," Novogratz predicts.