Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for banking operators in the near future.
Mike Novogratz Thinks Bitcoin Investors Are Waiting for a New Narrative
Galaxy Digital’s CEO Mike Novogratz thinks Bitcoin is still in a phase of consolidation after the dump in prices experienced last month. According to the entrepreneur, possible investors are waiting for the next shift in the Bitcoin narrative. This new push would entice them to start pumping money into digital assets again. Novogratz explained in an interview with Yahoo Finance that he thinks institutional investors are to blame for the recent tank in prices.
Institutional investors were able to accumulate Bitcoin cheap at $9K prices, and with