Galaxy Digital CEO Mike Novogratz has some advice for crypto investors. In a recent tweet, he said that Bitcoin (CRYPTO: BTC) will lead the next cryptocurrency rally.
He explained that cryptocurrencies are greatly underperforming equities due to the fact that there are no buybacks and giant pension rebalancing that are causing the squeeze in equities.
2) $BTC will lead the next rally when the Fed pauses/flinches. Good projects will follow suit. This industry will not go away. We are just adjusting to the popping of an asset bubble caused by the Fed. Building revolutionary tech and change isn’t supposed to be easy.
— Mike Novogratz (@novogratz) May 27, 2022
Also Read: This Crypto Veteran Has 3 Potential Catalysts That Could Fuel A Bitcoin Market Comeback
The cryptocurrency billionaire added that prices will be able to recover as soon as the Federal Reserve ditches its hawkish monetary policy and stops hiking rates.
The S&P 500 has gained 2.47% on May 27, while the Nasdaq Composite Index was up 3.33%.
Bitcoin set for an eighth straight weekly loss in its longest such slump since August 2011. It fell 2.4% on Friday to about $28,700.
The overall crypto market has lost some $500 billion in market value so far in May.
At the time of writing, Bitcoin was trading at $28,803, almost 2 percent down in the last seven days.
Photo: Created with images from Acumen Fund from Flickr
