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Bitcoin Bull Mike Novogratz Says There's No Risk of Run on Tether

Tue, 08/08/2023 - 17:01
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Alex Dovbnya
Galaxy Digital CEO Michael Novogratz signals a positive shift in institutional investment towards cryptocurrency, highlighting both a robust return of traditional players to the market and a steady confidence in Tether's stability
Bitcoin Bull Mike Novogratz Says There's No Risk of Run on Tether
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Mike Novogratz, founder and CEO of Galaxy Digital Holdings Ltd., has expressed optimism regarding the return of traditional institutional investors to the cryptocurrency market, especially in the aftermath of last year's upheaval in the digital-asset world.

During the company's second-quarter earnings conference call on Tuesday, Novogratz highlighted the institutional resurgence in various sectors of the crypto market, noting that their interest isn't limited to futures or specific stocks but extends to more foundational levels of the market.

Shiba Inu (SHIB) Paints Candle of Hope

On the topic of Tether, the largest stablecoin with a market value of $84 billion, Novogratz conveyed a reassuring tone. He firmly believes that the risk of a major run on Tether is minimal, a sentiment sometimes challenged due to fears emerging from the market.

While expressing high confidence in Tether's ability to cover its liabilities, Novogratz did acknowledge potential "skirmishes around the sidelines" owing to the stablecoin's less transparent offshore operations.

Larry Fink's "Orange pill moment"

In his recent Bloomberg interview, Mike Novogratz, CEO of Galaxy Digital, shared insights on Bitcoin's standing as the premier cryptocurrency.

He highlighted Larry Fink's 'Orange Pill Moment', a term signifying a skeptic's conversion into a believer in Bitcoin. Larry Fink, previously a non-believer, now advocates for Bitcoin as a global currency, emphasizing its trustworthiness.

BlackRock, under Fink's leadership, is exploring a Bitcoin ETF, marking a paradigm shift for the cryptocurrency industry.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at