In a recent interview with CNBC, Mike Novogratz opined that Bitcoin, the world’s largest cryptocurrency, was not going away in spite of the massive crisis.
However, he believes that a lot of tokens will end up being washed out. Only those cryptocurrencies that have some utility will be able to survive this crypto winter, according to the cryptocurrency mogul.
The cryptocurrency mogul also doesn’t see the market having a swift and smooth recovery given that the industry will have to rebuild trust.
Speaking of the FTX debacle, Novogratz described it as “shocking.” He added that disgraced founder Sam Bankman-Fried “certainly” did things that were illegal.
As reported by U.Today, the Galaxy Digital boss recently compared FTX to the infamous biotech scam Theranos. At that point, Novogratz was still hesitant to say whether FTX was illegal or simply immoral.
At the same time, Novogratz is convinced that the collapse of the second-biggest exchange was not an indictment of crypto itself.
The billionaire has acknowledged that cryptocurrency assets were in the middle of a bubble.
Bitcoin and Ethereum are down 76.21% and 76.20% from their record peaks, respectively.
As reported by U.Today, Novogratz recently predicted that the price of Bitcoin could reach $500,000 in just a couple of years.
In the meantime, Cathie Wood recently doubled down on her firm’s $1 million price call.