MicroStrategy’s Michael Saylor Makes a Bold Move, Galaxy Digital CEO Mike Novogratz Applauds
Galaxy Digital CEO Mike Novogratz has recently praised MicroStrategy’s Michael Saylor for making a huge $593 million investment in Bitcoin. In a post on X, Novogratz referred to Saylor as a “legend,” noting that there was a significant uptick in MicroStrategy’s stock versus Bitcoin during a period when the company sold $600 million in stock to purchase Bitcoin. The Galaxy Digital boss sees Saylor’s massive bet as a strong indicator of growing institutional interest in Bitcoin, particularly with the anticipation of an upcoming ETF.
MicroStrategy’s strategic accumulation
MicroStrategy has significantly bolstered its Bitcoin portfolio by purchasing an additional 16,130 Bitcoins at an average price of $36,785 per coin, according to its regulatory filing. This transaction has increased MicroStrategy’s total Bitcoin holdings to an impressive 174,530 coins, acquired at an average price of $30,252 each, including fees and expenses. The company’s total Bitcoin investment now stands at a staggering $5.28 billion.
Bad actors are out
In a recent Bloomberg interview, Mike Novogratz of Galaxy Digital shared his views on the cryptocurrency industry’s evolution and the broader economic landscape. He voiced confidence that most bad actors in the crypto space have been eliminated following the 2022 market crash. Looking ahead, Novogratz anticipates a slowdown in the U.S. economy in the upcoming quarters, with potential rate cuts by the Federal Reserve in the second quarter of 2024. He suggests that these macroeconomic changes could lead to a significant shift in the cryptocurrency market, potentially setting the stage for future growth and stability.
Novogratz’s praise for Saylor’s bold move
Mike Novogratz, the CEO of Galaxy Digital, recently expressed his admiration for MicroStrategy’s CEO Michael Saylor for making a huge $593 million investment in Bitcoin. In a post on X, Novogratz called Saylor a “legend” and highlighted the significant uptick in MicroStrategy’s stock versus Bitcoin during a period when the company sold $600 million in stock to purchase Bitcoin. According to Novogratz, Saylor’s massive bet is a strong indicator of the growing institutional interest in Bitcoin, especially with the anticipation of an upcoming ETF.
MicroStrategy’s Bitcoin accumulation
MicroStrategy has significantly bolstered its Bitcoin portfolio by purchasing an additional 16,130 Bitcoins at an average price of $36,785 per coin, according to its regulatory filing. This transaction has increased MicroStrategy’s total Bitcoin holdings to an impressive 174,530 coins, acquired at an average price of $30,252 each, including fees and expenses. The company’s total Bitcoin investment now stands at a staggering $5.28 billion.
Novogratz’s outlook on the cryptocurrency market
In a recent Bloomberg interview, Mike Novogratz of Galaxy Digital shared his views on the cryptocurrency industry’s evolution and the broader economic landscape. He expressed confidence that most bad actors in the crypto space have been eliminated following the 2022 market crash. Looking ahead, Novogratz anticipates a slowdown in the U.S. economy in the upcoming quarters, with potential rate cuts by the Federal Reserve in the second quarter of 2024. He suggests that these macroeconomic changes could lead to a significant shift in the cryptocurrency market, potentially setting the stage for future growth and stability.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
