Bitcoin [BTC] bubble has popped and we’ve had a monster correction, says Galaxy Digital’s Mike Novogratz

Mike Novogratz of Galaxy Digital Holdings spoke about Bitcoin’s rally last year and the current downtrend that it is in on the one-year anniversary of Bitcoin’s all-time high with Bloomberg.

Last year, on December 17, Bitcoin reached its all-time high and so did all other cryptocurrencies, but have since plunged into what’s now being called as the “crypto’s epic plunge”.

The macro trader turned ‘crypto-guru’ spoke about the cryptocurrency’s epic plunge and said that “it is one of the ugliest charts” but added that he still believes in it.

He continued:

“We had a bubble, it popped, we’ve had a monster correction, altcoins are down 98%, Ethereum’s down by 90+%, Bitcoin is down by 85%, we’ve had the correction, and a lot of people say that this was Tulips, well, it wasn’t Tulips, it was a mania built on something that’s real.”

Novogratz said that the cryptocurrency industry has seen a lot of technological advancements, a lot of progress being made on the entrepreneurial side, and even with the institutional infrastructure side, in the past years. He continued that he was constructive on the industry and that this [cryptocurencies] won’t be the petard he would be hoisted by.

Novogratz stated:

“If you’re gonna get something wrong, it’s always timings on these things, it’s not the destination. I’m fairly certain that we will have a digital store of wealth, and I think it will be Bitcoin, I’m fairly certain that we will have Web 3.0… I’m fairly certain that we are going to have lots of tokenized objects, from LP interest and funds to art, to all kinds of things”

A Twitter user, Stricken, commented on Novogratz words:

“People need to stop trying to predict when it will happen and just be ready when it does.”

Another user, Adam Majkowski, commented:

“There is no reason for bitcoin to have any value at all but it should be worth a few cents each. It probably won;t go to 0. My guess is the guy who was in the news last year at this time for selling all his possessions to buy bitcoin is divorced now.”