The crypto market is back to major price swings followed by a Bitcoin (BTC) price crash on Tuesday, the day the largest cryptocurrency became legal tender in El Salvador. But it was not unexpected for many crypto veterans, including Galaxy Digital CEO Mike Novogratz.
Speaking to Bloomberg, the billionaire Bitcoin bull said that crypto is still dominated by retail investors, who are “too excited” by the recent interest from institutions like Visa and Amazon.
People are realizing that “crypto is not just Bitcoin being bought as a hedge against bad monetary fiscal policy,” he said. “But maybe, more importantly, it’s Web 3.0. It’s the internet of value transfer.”
Retail investors got too long on leverage for good reason, according to Novogratz, who highlighted recent crypto-friendly news from finance and retail giants, such as Visa buying nonfungible tokens and describing them as a promising medium, and Walmart’s pursuit of a crypto product lead, along with the job postings from Amazon for crypto experts.