The crypto hedge fund universe got "kneecapped" in 2022, however, the crypto market still has a lot of upsides to go, Galaxy Digital CEO, Mike Novogratz, said during an earnings conference call on Tuesday.
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Novogratz admitted he's "surprised" to believe that the market is already set for a new surge as all the selling got done. He said:
"I'm surprised to hear myself say this given where my mindset was in late December, but it would not surprise me if we were substantially higher three months, six months, nine months from now."
Although Novogratz declined to give a price target, he emphasized that bitcoin (EXANTE: Bitcoin) and ether (ETH) have been the "best risk-adjusted investments" over the past couple of years and retail investors "get that."
He also added that 2022 was a "formative year" for Galaxy as the company reported a $1 billion net loss. While the industry faced unprecedented macroeconomic events, Galaxy succeeded in staying the course, he pointed out. In Q1 2023, Galaxy Digital registered a preliminary pre-tax income of $150 million.
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