Mike Novogratz, founder of the popular crypto bank Galaxy Digital, recently said in an interview with Bloomberg he is not worried about the cryptocurrency market crash of September 7 and compared the benefits of digital gold to the advent of the Internet.
According to him, the fall in the price of Bitcoin is associated with high stress in the sector. Novogratz believes the cryptocurrency market is dominated by retail investors who overreact to exchange rate volatility. He explained:
"Crypto is not just Bitcoin being bought as a hedge against bad monetary fiscal policy. But maybe, more importantly, it’s Web 3.0. It’s the Internet of value transfer."
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Novogratz has likened the asset to the "next Internet" that no investor wants to miss out on.
Novogratz said in August US politicians and officials are making insufficient efforts to understand crypto technology and are holding back innovation in the financial sector.