Institutional Investors Losing Interest in Cryptocurrencies, Says Galaxy Digital CEO Mike Novogratz

Recently, there has been a lack of interest in buying cryptocurrencies from institutional investors, which has affected the enthusiasm in general. This was stated in an interview with CNBC by Galaxy Digital CEO Mike Novogratz.

“There are bids from retail investors. […] There is not so much institutional excitement now,” the expert explained.

According to Novogratz, the decision of the popular WeChat application in China to add the option to view bitcoin quotes can change the situation.

He cited the expansion of regulated platforms in Hong Kong to retail digital asset trading as a second factor. The CEO of Galaxy Digital saw this as a sign of the growing popularity of cryptocurrencies in the region.

Swyftx Head of Product Strategy Tommy Honan in an interview Cointelegraph agreed with Novogratz’s arguments regarding the influence of institutionalists.

“Activity levels are definitely more subdued. But it’s not just institutions, retail investors have been hurt by the cost of living spike.” he noted.

The specialist expects the market to recover as large companies return.

“Institutionals will return to the market, and when they do, it will not be easy for them. This has yet to happen in the US. […] We need well-established and reasonable rules for digital assets or a Republican victory in the elections next year,” Honan explained.

The expert agreed with Novogratz regarding the opportunities that Hong Kong opens up for the cryptocurrency market.

Previously, OSL, Huobi, OKX, and BitMEX have filed documents to operate as a regulated Hong Kong bitcoin exchange.

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Recall that in January, the Financial Secretary of the Special Administrative Region of China, Paul Chan, announced the readiness of the jurisdiction to accept cryptocurrency companies from around the world.

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2023-06-02 08:08:53
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