By Tobi Loba
Mike Novogratz, the founder and CEO of Galaxy Digital, has recently shared his optimism on the price trend of the second-largest cryptocurrency by market capitalization, Ethereum (ETH).
According to Novogratz, in a new interview with New York Magazine, Ethereum (ETH) has the potential to go a lot higher.
In the course of the conversation, the billionaire investor revealed that 85% of his net worth is currently locked in cryptocurrency.
Mike Novogratz noted:
“I do think bigger is better going forward for a bunch of different reasons. Something really cool for us crypto nerds happened in the last six months, like we went from hoping to be an asset class to being an institutional asset class like that. That means that if you’re not long, you’re short.
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“I think we saw something really awesome in the last few months… We already had payments and stable coins that really kind of gave ether the kick last year. But then all of a sudden, you have decentralized finance and NFTs both on Ethereum at the same time roughly, with wild accelerating growth…. Listen, all markets correct; almost 100 percent certainty it will happen — it’s just the math… And listen, ether looks likely to go a lot higher now.
“Like anybody in crypto, the last five months have kind of rocked our worlds in terms of what percentage of our net worth is in crypto. And I think I’m up to 85 percent in crypto… And I think people should understand that it’s not going to keep happening over and over. Like this idea that we’ve gone from not-an-asset-class to an asset class only can happen once.”
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Ethereum (ETH) in the Market
The market seems to be in the phase of recovery following a huge crash initiated by an unfavorable announcement from Elon Musk, the CEO of Tesla, on 13th May 2021.
The market is turning green again and Ethereum is not lagging behind in the positive trend. At the time of writing, ETH is trading at $3,953.36, with a relatively 5% price upsurge in the last 24 hours.
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