On September 28, Galaxy Digital Mike Novogratz attended the Token2049 cryptocurrency conference in Singapore. He confidently asserted that the upcoming bull run will consist of “50% utility and 50% story.”
It’s people building applications, people building systems a) that are fast and scalable and b) that are user-friendly. We don’t have them yet — that’s why we’re where we are. But in the next few years, they’re coming.
Mike Novogratz, CEO of Galaxy Digital
According to Novogratz, the bull market in 2017 was entirely driven by the narrative, but the bull market in 2021 was possibly 80% driven by the story and 20% by utility.
The CEO is, nevertheless, optimistic that the advancements in cryptocurrencies are “getting there,” and we will eventually witness a bull market supported by widespread use. He added that “Ethereum and all the other level ones started really accelerating the work to build a shared blockchain that we could build companies on top of.”
Additionally, he noted that recently, Bitcoin has performed somewhat better than many fiat currencies. Given how poorly GBP and EUR have performed against the USD over the last few months, he is not in the wrong.
Novogratz is renowned for his assertions and forecasts of the Bitcoin price. When he predicted that Bitcoin will finally top $20,000 in 2020, he was on the money. He did, however, make a few incorrect predictions in prior years.
