Galaxy Digital CEO Mike Novogratz: ‘We Need To Cheer for Binance’
In a recent interview with Real Vision CEO Raoul Pal, Galaxy Digital Founder and CEO Mike Novogratz shared his thoughts on Binance and its CEO (“CZ”).
During this interview — which was recorded on 18 January 2023 and premiered on the YouTube channel “Real Vision Crypto” on 27 January 2023 — Novogratz had this to say about Binance and CZ:
“Listen, we need to cheer for Bnance… They are… some giant percentage of the liquidity. CZ has been always very focused on customer service. And so, he’s got a very loyal giant retail following that believe in our ecosystem. We need those guys.
“And it drives me crazy how many people on Twitter and other media, just want to smash people down and would be nothing happier than if CZ stepped on a banana peel and slipped on his ass. It’s the wrong thinking. We need CZ to succeed.“
During an interview with CNBC on 10 January 2023, Novogratz shared his outlook for crypto in 2023.
In a conversation with Andrew Ross Sorkin, co-anchor of CNBC’s Squawk Box, the Galaxy Digital CEO had this to say about Coinbase’s latest layoffs:
“2022 was a was a grand washout, you know, for growth stocks and for crypto. And so anything associated with it, especially that was growthy — you know, had big big cost and revenue shrinking — got hammered as as many of the crypto stocks did. I think CEOs — Brian at Coinbase and any rational CEO– is doing the right thing.
“The outlook for crypto is not horrible, but it’s not great. We’ve got regulatory headwinds that we didn’t have before. We’ve got time to heal and rebuild narrative, and so people are going to cut costs and survive this transition period. Crypto is not going away. What’s been interesting is the price of Bitcoin and Ethereum has helped pretty steady the last few months, and it’s actually gone up in the last few days.
“If you had to sell, there’s a lot of bad news out there, you sold. If you’re leveraged, you got out of your leverage, and so it’s a pretty clean market right now. There’s still some overhangs — DCG and and Genesis and Gemini — that will play out in the next quarter. That’s not going to be great. I don’t think it will include a lot of selling. It’s just not good news.
“And so I think what we’re trying to do at Galaxy, listen, we’ve bought a big mining facility in Texas. We bought GK8, a security company, you know, a self-custody company in Israel. We’re leaning in where we think it’s appropriate, but we’re also sober, understanding that 2023 is a year you want to survive…“