As a symbol of humility, Mike Novogratz will wear his Luna (LUNA) tattoo throughout the next crypto super-cycle, which he predicts to occur in Q4.
Mike Novogratz claimed at CoinDesk’s Consensus 2022 conference that Bitcoin (BTC) will not “trade well before the Fed flinches and takes its foot off the break,” but that the world’s most popular digital asset will bottom before U.S. equities.
“My hope is that by the fourth quarter, the economy will be slowing enough that the Fed says we are going to pause, and then you will see the next crypto cycle start. Then Bitcoin will break from equities and lead markets.”
In the United States, interest rates will rise to 5%. He is hoping that crypto can decouple.
Novogratz advises Galaxy Digital (GLXY) and others to “fight the impulse to be so greedy” during the next bull market. Those that got in early enough on Luna had an easy 300X return, he added, and that’s simply not the case in the markets. “There is a reason that ecosystems move so quickly. Understand what you’re investing in. You do not receive 18% for free.”
Galaxy Digital is down 68% year-to-date, trailing Bitcoin, which is down 38%.
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