Bitcoin has probably exchanged laterally, companies have focused on stacking altcoins lately, although there may be a resumption to come later in the year, explains Mike Novogratz, CEO of the Asset Manager Galaxy Digital.
“Bitcoin is currently consolidating. Partly because you see many of these cash companies in other coins,” said Novogratz during an episode of Squawk Box of CNBC on Thursday.
Blockchain Tech Firm Bitmin Immersion Technologies has led the pack among Altcoin Treasury companies, recently purchased $ 200 million in ether (ETH) and increasing its stock to more than $ 9 billion in ETH.
Altcoins bring money and energy to space
Meanwhile, the design and manufacturing company listed at NASDAQ, Forward Industries, said on Monday that it had obtained $ 1.65 billion in cash and Stablecoin commitments to launch a cryptographic cash strategy focused on Solana (soil).
Novogratz declared that agreements like this, led by crypto-native societies Galaxy Digital, Jump Crypto and Multicoin Capital, “bring energy to cryptographic space” and “bring money to cryptographic space”.
“And Bitcoin goes a bit aside.
Bitcoin could go out at the back of positive developments
Bitcoin derived between $ 110,055 and $ 116,083 in the last seven days, according to Coingecko.
Novogratz said that a Bitcoin overvoltage could come back while the American federal reserve begins its “cutting cycle”, and also from continuous positive developments in space, such as the president of the Securities and Exchange Commission Paul Atkins speaking of the modernization of securities regulations to help move the onchain markets.
The CEO of Galaxy Digital also underlined the Nasdaq stock market operator on Monday a change of rule with the dry to allow tokenized versions of the shares and listed ETFs.
“This blockchain revolution really came from Bitcoin as a reserve of value. And then stablecoins like cross -border payments,” said Novogratz.
“And what prevented us are the fairly fast, sufficiently safe, sufficiently sure and sufficiently confidence, and more important, a regulatory framework that allowed people to experiment. And now we have both. “
Cryptography market from story to intrigue
Novogratz also predicts that despite “healthy competition” between different cryptography companies, it is unlikely that there will never be a single company that takes over, which can happen in the world of traditional finances.
In relation: “Easy Money” of cryptography, but it can be good for crypto
“Ethereum has its own community and its own story and its own use. Yes, it will compete against Solana and other blockchains, but it is not as if we are going to have a blockchain to govern them all,” he said.
“But especially for space, the money will go to space, while we are starting to move from one story to another.”
Review: How Ethereum Treasury Companies could trigger “Defi Summer 2.0”