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The industry and its participants need a major crypto exchange binance Michael Novogratz, founder of US-based crypto financial services firm, says its loyal retailer supporters: Galaxy Digital Holdings,
In an interview with Real Vision Crypto, Novogratz commented on the announcement of US charges against cryptocurrency companies. Department of Justice Earlier this month, there was a Cryptoverse speculating on which exchange it could have been.
“And don’t let it be Binance,” Novogratz said. “We need to root for Binance.”
It turned out to be a little-known Hong Kong-registered exchange. bituratIts Russian founder, Anatoly Legkodimov, was arrested by US authorities on suspicion of handling $700 million in illicit funds. However, Binance was involved in a lawsuit with the United States. Ministry of Finance Binance has revealed that the world’s largest cryptocurrency exchange by trading volume was Bitzrat’s top Bitcoin (BTC) counterparty from May 2018 to September 2022.
Novogratz said Binance has a “great percentage of liquidity” and CEO Changpeng Zhao (CZ) has always focused on customer service. Novogratz therefore said:
“He’s very loyal and has a huge retail store.[s] in our ecosystem. we need those guys. ”
Novogratz, who sees a lot of people online who seem to want Binance and CZ to fail, said, “That’s the wrong idea,” adding:
“You need CZ to succeed.”
Binance Success = Growing Adoption
Novogratz suggested that the success of this major exchange will allow it to attract more institutions and individuals into the industry while maintaining its retail presence.
“So we need adoption because that’s what funds the growth of the technology.”
Speaking of institutional investors, the impact of the financial crisis. FTX Novogratz said it is unlikely that many organizations have been caught up in the “frenzy” and “fraud”, especially since many, including Galaxy, have been trying to bring in certain entities like the Canadian Pension over the years. He commented that it was “very disappointing”. You put money into the industry – just to see them eventually join the space through FTX and lose their investment which is definitely harmful and discourages the ‘next guy’ from joining Deaf, he said Novogratz.
“Crypto needs retailer participants to come back to these communities to buy, believe and raise prices because that is what re-engages institutions. Intellectually understands business. […], they’ve done all their homework – they’re gunshy and will need energy. Energy is a price. ”
As for the price, Novogratz said it doesn’t matter if Bitcoin hits $100,000 or $200,000, but in two years time it will exceed $20,000. Otherwise, the industry is a “too good place to work”.
As for Galaxy, the founders suggested that it took a financial hit as a result of making large investments in various companies last December. “Bagger down,” liquidate your assets, and “trade until the bull market starts.” But Galaxy has chosen “a more difficult path,” Novogratz said.
You can watch the full interview here:
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