While speaking at the Bloomberg Crypto Summit, Galaxy Digital CEO Mike Novogratz revealed that his heart physician lost a whopping $1 million due to his funds being locked by Celsius.
As reported by U.Today, the embattled cryptocurrency lender filed for bankruptcy last week after suddenly freezing withdrawals last month. The firm confirmed that it had a $1.2 billion hole on its balance sheet. At the company's first bankruptcy hearing, its lawyers stated that user funds essentially belonged to Celsius. "No one reads the fine print," Novogratz commented.
Novogratz, who has attracted mockery for getting a tattoo of the collapsed Luna project, claims that regulators did not do enough when it comes to crypto. "At times the whole industry looks like a bunch of idiots,” he remarked.
He views the most recent Bitcoin price correction as merely a bump in the road instead of a U-turn.
It is better than gold in so many ways, stressing that it is a unique hard asset. At the same time, he says that crypto needs a new narrative that would kickstart another bull market.
$500,000 in five years?
Despite the fact that cryptocurrencies are currently in the middle of a massive price correction, Novogratz still believes that Bitcoin could soar to the $500,000 level within the next five months.
Earlier today, the largest cryptocurrency came close to breaching the $23,000 level, peaking at $22,958 on the Bitstamp exchange.